Quarterly report pursuant to Section 13 or 15(d)

7. Leases (Tables)

v3.23.1
7. Leases (Tables)
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Right of use assets included in the condensed consolidated balance sheet are as follows:

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

 

   

March 31,

2023

 

December 31,

2022

Non-current assets                
Right of use assets - operating leases, net of amortization   $ 1,741,917     $ 1,498,703  
Right of use assets - finance leases, net of depreciation – included in property and equipment   $ 7,070     $ 8,884  

 

 

 Lease costs consists of the following:  

                 
    Three Months Ended March 31,
    2023   2022
Finance lease cost:                
Amortization of financial lease assets   $ 1,904     $ 2,011  
Interest expense on lease liabilities     107       141  
                 
Operating lease cost     306,467       89,015  
                 
Total lease cost   $ 308,478     $ 91,167  

 

Other lease information: 

 

    Three Months ended March 31,
    2023   2022
Cash paid for amounts included in the measurement of lease liabilities        
Operating cash flows from finance leases   $ (107 )   $ (141 )
Operating cash flows from operating leases     (306,467 )     (89,015 )
Financing cash flows from finance leases     (1,999 )     (2,062 )
                 
Weighted average remaining lease term – finance leases     1.94 years       1.70 years  
Weighted average remaining lease term – operating leases     4.19 years       4.24 years  
                 
Weighted average discount rate – finance leases     5.25 %     3.73 %
Weighted average discount rate – operating leases     3.15 %     2.61 %

 

 

Maturity of Leases

 

Finance lease liability

 

The amount of future minimum lease payments under finance leases are as follows:

 

Leases - Finance lease liability
Finance lease liability   Amount
     
Remainder of 2023   $ 5,101  
2024     1,276  
2025     494  
2026     494  
2027     372  
Total undiscounted minimum future lease payments     7,737  
Imputed interest     (525 )
Total finance lease liability   $ 7,212  
         
Disclosed as:        
Current portion   $ 5,588  
Non-Current portion     1,624  
    $ 7,212  
Leases - Operating lease liability
Operating lease liability   Amount
     
Remainder of 2023   $ 353,422  
2024     436,883  
2025     391,702  
2026     327,917  
2027 and thereafter     270,473  
Total undiscounted minimum future lease payments     1,780,397  
Imputed interest     (87,237 )
Total operating lease liability   $ 1,693,160  
         
Disclosed as:        
Current portion   $ 403,462  
Non-Current portion     1,289,698  
    $ 1,693,160