Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
 9 Months Ended
Sep. 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 nine
months ended
September 30,
2022		  
       
Operating Lease Expense - 3 months ended September 30, 2022   $ 239,879  
Operating Lease Expense - 9 months ended September 30, 2022   $ 732,363  
         
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 September 30, 2022 were as follows:        
    $      
2022     187,274  
2023     753,871  
2024     276,358  
2025     177,939  
2026    
-
  
Thereafter    
-
  
Total future minimum lease payments   $ 1,395,442  
Less portion representing interest     (141,718 )
Present value of lease obligations     1,253,724  
Less current portion of lease obligations     (697,333 )
Long term portion of lease obligations   $ 556,391