|
Right of use
assets included in the condensed consolidated balance sheet are as follows:
| |
|
March 31, 2022
|
|
December 31, 2021
|
| Non-current assets |
|
|
|
|
|
|
|
|
| Right of use assets - operating leases, net of amortization |
|
$ |
1,251,796 |
|
|
$ |
598,288 |
|
| Right of use assets - finance leases, net of depreciation – included in property and equipment |
|
$ |
13,149 |
|
|
$ |
15,520 |
|
Lease costs consists of the following:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended March 31, |
| |
|
2022 |
|
2021 |
| Finance lease cost: |
|
|
|
|
|
|
|
|
| Amortization of financial lease assets |
|
$ |
2,011 |
|
|
$ |
3,400 |
|
| Interest expense on lease liabilities |
|
|
141 |
|
|
|
241 |
|
| |
|
|
|
|
|
|
|
|
| Operating lease cost |
|
|
89,015 |
|
|
|
65,946 |
|
| |
|
|
|
|
|
|
|
|
| Total lease cost |
|
$ |
91,167 |
|
|
$ |
69,587 |
|
Other lease information:
| |
|
|
|
|
|
|
|
|
| |
|
Three Months ended 31 March, |
| |
|
2022 |
|
2021 |
| Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
| Operating cash flows from finance leases |
|
$ |
(141 |
) |
|
$ |
(241 |
) |
| Operating cash flows from operating leases |
|
|
(89,015 |
) |
|
|
(65,946 |
) |
| Financing cash flows from finance leases |
|
|
(2,062 |
) |
|
|
(3,414 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average remaining lease term – finance leases |
|
|
1.70 years |
|
|
|
2.62 years |
|
| Weighted average remaining lease term – operating leases |
|
|
4.24 years |
|
|
|
2.60 years |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate – finance leases |
|
|
3.73 |
% |
|
|
3.70 |
% |
| Weighted average discount rate – operating leases |
|
|
2.61 |
% |
|
|
3.58 |
% |
Maturity
of Leases
Finance
lease liability
The amount of future minimum lease
payments under finance leases are as follows:
|