Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2
Leases
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases

Note 4 – Leases

 

Operating Leases

 

The Company has lease arrangements for office spaces and an equipment lease. These leases expire at various dates through 2025.

 

    As of and
for the three and six
months ended
June 30, 2022		  
       
Operating Lease Expense - 3 months ended June 30, 2022   $ 244,094  
Operating Lease Expense - 6 months ended June 30, 2022   $ 492,485  
          
Additional Lease information:        
Weighted average remaining lease term-operating leases (in years)     2.1  
Weighted average discount rate-operating leases     7 %
         
Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows:        
         
2022   $ 437,109  
2023     753,871  
2024     276,358  
2025     177,939  
2026    
-
  
Thereafter    
-
  
Total future minimum lease payments   $ 1,645,277  
Less portion representing interest     151,674  
Present value of lease obligations   $ 1,493,603  
Less current portion of lease obligations     766,367  
Long term portion of lease obligations   $ 727,236