LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
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| Leases [Abstract] |
|
| Schedule of components of lease expense |
The components of lease expense were as follows:
Schedule of components of lease expense
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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| Operating lease cost |
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$ |
161,140 |
|
$ |
37,369 |
|
$ |
239,582 |
|
$ |
75,290 |
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| Short-term lease cost |
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|
28,579 |
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|
33,548 |
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|
78,288 |
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|
68,437 |
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| Total lease cost |
|
$ |
189,719 |
|
$ |
70,917 |
|
$ |
317,870 |
|
$ |
143,727 |
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| Finance lease cost: |
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| Amortization of right-of-use assets |
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$ |
5,918 |
|
$ |
794 |
|
$ |
5,918 |
|
$ |
1,589 |
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| Interest on lease liabilities |
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|
0 |
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|
19 |
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0 |
|
|
47 |
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| Total finance lease cost |
|
$ |
5,918 |
|
$ |
813 |
|
$ |
5,918 |
|
$ |
1,636 |
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| Schedule of cash flow information related to leases |
Supplemental cash flow information related to leases was as follows:
Schedule of cash flow information related to leases
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Six Months Ended |
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June 30, |
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2022 |
|
2021 |
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| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows from operating leases |
|
$ |
181,544 |
|
$ |
70,363 |
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| Financing cash flows from finance leases |
|
|
6,611 |
|
|
1,616 |
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| Schedule of balance sheet information related to leases |
Supplemental balance sheet information related to leases was as follows:
Schedule of balance sheet information related to leases
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June 30,
2022 |
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December 31,
2021 |
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| Operating Leases |
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| Operating lease right-of-use assets |
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$ |
4,190,931 |
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$ |
95,553 |
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| Operating lease current liabilities |
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|
363,030 |
|
|
95,553 |
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| Operating lease long term liabilities |
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|
3,827,900 |
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|
— |
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| Total operating lease liabilities |
|
$ |
4,190,930 |
|
$ |
95,553 |
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| Finance Leases |
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| Property and equipment, at cost |
|
$ |
355,071 |
|
$ |
12,725 |
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| Accumulated depreciation |
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|
5,918 |
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(12,725 |
) |
| Property and equipment, net |
|
$ |
349,153 |
|
$ |
— |
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| Finance lease current liabilities |
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|
66,503 |
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— |
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| Finance lease long term liabilities |
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|
281,958 |
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— |
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| Total finance lease liabilities |
|
$ |
348,461 |
|
$ |
— |
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June 30,
2022 |
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December 31,
2021 |
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| Weighted Average Remaining Lease Term |
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| Operating leases |
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10.2 Years |
|
0.6 Years |
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| Finance leases |
|
5 Years |
|
0 Years |
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| Weighted Average Discount Rate |
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| Operating leases |
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4.04% |
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4.75% |
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| Finance leases |
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4.25% |
|
4.75% |
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| Schedule of maturities of lease liabilities |
Maturities of lease liabilities are as follows:
Schedule of maturities of lease liabilities
| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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| 2022 (excluding the six months ended June 30, 2022) |
|
|
273,928 |
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|
39,664 |
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| 2023 |
|
|
499,503 |
|
|
79,329 |
|
| 2024 |
|
|
499,503 |
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|
79,329 |
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| 2025 |
|
|
499,503 |
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|
79,329 |
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| 2026 |
|
|
499,503 |
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|
79,329 |
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| Thereafter |
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|
2,830,518 |
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|
33,052 |
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| Total undiscounted lease payments |
|
|
5,102,458 |
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|
390,032 |
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| Less: imputed interest |
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|
(911,528 |
) |
|
(41,571 |
) |
| Total lease liabilities |
|
$ |
4,190,930 |
|
$ |
348,461 |
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