|
Right of use
assets included in the condensed consolidated balance sheet are as follows:
| |
|
September 30, 2023
|
|
December 31, 2022
|
| Non-current assets |
|
|
|
|
|
|
|
|
| Right of use assets - operating leases, net of amortization |
|
$ |
1,471,190 |
|
|
$ |
1,498,703 |
|
| Right of use assets - finance leases, net of depreciation – included in property and equipment |
|
$ |
3,240 |
|
|
$ |
8,884 |
|
Lease costs consists of the
following:
| |
|
|
|
|
|
|
|
|
| |
|
Nine Months Ended September 30, |
| |
|
2023 |
|
2022 |
| Finance lease cost: |
|
|
|
|
|
|
|
|
| Amortization of financial lease assets |
|
$ |
5,654 |
|
|
$ |
5,726 |
|
| Interest expense on lease liabilities |
|
|
263 |
|
|
|
348 |
|
| |
|
|
|
|
|
|
|
|
| Operating lease cost |
|
|
378,996 |
|
|
|
257,582 |
|
| |
|
|
|
|
|
|
|
|
| Total lease cost |
|
$ |
384,913 |
|
|
$ |
263,656 |
|
Other lease information:
| |
|
Nine Months ended September 30, |
| |
|
2023 |
|
2022 |
| Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
| Operating cash flows from finance leases |
|
$ |
(263 |
) |
|
$ |
(348 |
) |
| Operating cash flows from operating leases |
|
|
(378,996 |
) |
|
|
(257,582 |
) |
| Financing cash flows from finance leases |
|
|
(5,996 |
) |
|
|
(5,926 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average remaining lease term – finance leases |
|
|
2.23 years |
|
|
|
1.24 years |
|
| Weighted average remaining lease term – operating leases |
|
|
3.83 years |
|
|
|
4.64 years |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate – finance leases |
|
|
6.72 |
% |
|
|
3.73 |
% |
| Weighted average discount rate – operating leases |
|
|
3.15 |
% |
|
|
2.83 |
% |
Maturity
of Leases
Finance
lease liability
The amounts of future minimum lease
payments under finance leases are as follows:
|