LEASES (Tables)
|
9 Months Ended |
Sep. 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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Nine Months Ended |
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September 30, |
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September 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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$ |
157,076 |
|
$ |
37,093 |
|
$ |
396,658 |
|
$ |
112,383 |
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| Short-term lease cost |
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|
18,300 |
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|
35,960 |
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|
96,588 |
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|
104,396 |
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| Total lease cost |
|
$ |
175,376 |
|
$ |
73,053 |
|
$ |
493,246 |
|
$ |
216,779 |
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| Finance lease cost: |
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| Amortization of right-of-use assets |
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$ |
17,754 |
|
$ |
597 |
|
$ |
23,672 |
|
$ |
2,188 |
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| Interest on lease liabilities |
|
|
1,381 |
|
|
10 |
|
|
1,381 |
|
|
57 |
|
| Total finance lease cost |
|
$ |
19,135 |
|
$ |
607 |
|
$ |
25,053 |
|
$ |
2,245 |
|
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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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Nine Months Ended |
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September 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 |
|
$ |
301,150 |
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$ |
105,618 |
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| Financing cash flows from finance leases |
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|
26,443 |
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|
2,232 |
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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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September 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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$ |
3,865,370 |
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$ |
95,553 |
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| Operating lease current liabilities |
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|
342,399 |
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|
95,553 |
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| Operating lease long term liabilities |
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|
3,741,015 |
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|
— |
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| Total operating lease liabilities |
|
$ |
4,083,414 |
|
$ |
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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|
23,671 |
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(12,725 |
) |
| Property and equipment, net |
|
$ |
331,400 |
|
$ |
— |
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| Finance lease current liabilities |
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|
64,467 |
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— |
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| Finance lease long term liabilities |
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|
265,542 |
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— |
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| Total finance lease liabilities |
|
$ |
330,009 |
|
$ |
— |
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September 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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10.1 Years |
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0.6 Years |
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| Finance leases |
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4.9 Years |
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0 Years |
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| Weighted Average Discount Rate |
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| Operating leases |
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4.02% |
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4.75% |
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| Finance leases |
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4.25% |
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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 nine months ended September 30, 2022) |
|
|
124,876 |
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|
19,832 |
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| 2023 |
|
|
499,503 |
|
|
79,329 |
|
| 2024 |
|
|
499,503 |
|
|
79,329 |
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| 2025 |
|
|
499,503 |
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|
79,329 |
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| 2026 |
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|
499,503 |
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|
79,329 |
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| Thereafter |
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2,830,519 |
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|
33,052 |
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| Total undiscounted lease payments |
|
|
4,953,407 |
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|
370,200 |
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| Less: imputed interest |
|
|
(869,993 |
) |
|
(40,191 |
) |
| Total lease liabilities |
|
$ |
4,083,414 |
|
$ |
330,009 |
|
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