Quarterly report pursuant to Section 13 or 15(d)

6. Leases (Tables)

v3.22.2.2
6. Leases (Tables)
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Right of use assets included in the consolidated balance sheet are as follows:

Right of use assets included in the consolidated balance sheet are as follows: 

   

September 30,

2022

  

December 31,

2021
Non-current assets                
Right of use assets - operating leases, net of amortization   $ 1,276,733     $ 598,288  
Right of use assets - finance leases, net of depreciation – included in property, plant and equipment   $ 8,092     $ 15,520  

 

Lease costs consists of the following: 

                 
    Nine Months Ended September 30,
    2022   2021
Finance lease cost:                
Amortization of financial lease assets   $ 5,726     $ 8,071  
Interest expense on lease liabilities     348       642  
                 
Operating lease cost     257,582       201,308  
Total lease cost   $ 263,656     $ 210,021  

 

Other lease information: 

    Nine Months Ended September 30,
    2022   2021
Cash paid for amounts included in the measurement of lease liabilities        
Operating cash flows from finance leases   $ (348 )   $ (642 )
Operating cash flows from operating leases   $ (257,582 )   $ (201,308 )
Financing cash flows from finance leases   $ (5,926 )   $ (8,108 )
                 
Weighted average remaining lease term – finance leases     1.24 years       2.43 years  
Weighted average remaining lease term – operating leases     4.64 years       1.95 years  
                 
Weighted average discount rate – finance leases     3.73 %     3.73 %
Weighted average discount rate – operating leases     2.83 %     3.23 %
Leases - Finance lease liability
Finance lease liability   Amount
     
Remainder of 2022   $ 1,810  
2023     6,068  
2024     704  
Total undiscounted minimum future lease payments     8,582  
Imputed interest     (206 )
Total finance lease liability   $ 8,376  
         
Disclosed as:        
Current portion   $ 6,937  
Non-Current portion     1,439  
    $ 8,376  
Leases - Operating lease liability
Operating lease liability   Amount
   
Remainder of 2022   $ 92,278  
2023     334,306  
2024     267,418  
2025     242,980  
2026 and thereafter     424,226  
Total undiscounted minimum future lease payments     1,361,208  
Imputed interest     (69,771 )
Total operating lease liability   $ 1,291,437  
         
Disclosed as:        
Current portion   $ 313,981  
Non-Current portion     977,456  
    $ 1,291,437