|
Right of use assets included in the consolidated
balance sheet are as follows:
| |
|
June 30, 2022
|
|
December 31, 2021
|
| Non-current assets |
|
|
|
|
|
|
|
|
| Right of use assets - operating leases, net of amortization |
|
$ |
1,117,563 |
|
|
$ |
598,288 |
|
| Right of use assets - finance leases, net of depreciation – included in property and equipment |
|
$ |
10,527 |
|
|
$ |
15,520 |
|
Lease costs consists of the following:
| |
|
|
|
|
|
|
|
|
| |
|
Six Months Ended June 30, |
| |
|
2022 |
|
2021 |
| Finance lease cost: |
|
|
|
|
|
|
|
|
| Amortization of financial lease assets |
|
$ |
3,920 |
|
|
$ |
5,970 |
|
| Interest expense on lease liabilities |
|
|
257 |
|
|
|
454 |
|
| |
|
|
|
|
|
|
|
|
| Operating lease cost |
|
|
170,964 |
|
|
|
128,468 |
|
| |
|
|
|
|
|
|
|
|
| Total lease cost |
|
$ |
175,141 |
|
|
$ |
134,892 |
|
Other lease information:
| |
|
Six Months Ended June 30, |
| |
|
2022 |
|
2021 |
| Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
| Operating cash flows from finance leases |
|
$ |
(257 |
) |
|
$ |
(454 |
) |
| Operating cash flows from operating leases |
|
|
(170,964 |
) |
|
|
(128,468 |
) |
| Financing cash flows from finance leases |
|
$ |
(4,038 |
) |
|
$ |
(5,994 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average remaining lease term – finance leases |
|
|
1.47 years |
|
|
|
2.62 years |
|
| Weighted average remaining lease term – operating leases |
|
|
4.30 years |
|
|
|
2.60 years |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate – finance leases |
|
|
3.73 |
% |
|
|
3.70 |
% |
| Weighted average discount rate – operating leases |
|
|
2.72 |
% |
|
|
3.58 |
% |
Maturity of Leases
Finance lease liability
The amount of future minimum lease payments under finance leases are as
follows:
|