Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
9 Months Ended
Sep. 30, 2021
Leases  
Schedule of lease cost

For the Three Months Ended September 30, 2021

For the Nine Months Ended September 30, 2021

Operating lease cost

$

121,520

$

348,631

Finance lease cost

Amortization of lease assets

62,860

122,310

Interest on lease liabilities

7,812

14,900

Total finance lease cost

$

70,672

$

137,210

Schedule of weighted average remaining lease term and incremental borrowing rate

The weighted average remaining lease term and incremental borrowing rate as of September 30, 2021 were as follows:

Weighted average remaining lease term

Operating leases

5.6

years

Finance leases

2.1

years

Weighted average discount rate

Operating leases

6.44

%

Finance leases

5.63

%

Schedule of maturities of operating and finance lease liabilities

Maturities of operating and finance lease liabilities as of September 30, 2021 were as follows:

Operating Leases

    

Finance Leases

    

Total

2021 (excluding the nine months ended September 30, 2021)

$

105,491

$

61,508

$

166,999

2022

426,539

281,042

707,581

2023

292,921

135,631

428,552

2024

231,503

131,256

362,759

2025

238,452

-

238,452

2026

245,607

-

245,607

Thereafter

209,214

-

209,214

Total minimum lease payments

1,749,727

609,437

2,359,164

Less: imputed interest

(255,742)

(38,996)

(294,738)

Present value of lease liabilities

$

1,493,985

$

570,441

$

2,064,426