LEASES (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| LEASES |
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| Schedule of future lease payments of operating lease and finance lease |
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2022 |
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2023 |
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2024 |
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2025 |
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2026 |
Operating lease payments(1) |
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$ |
87,282 |
|
$ |
356,991 |
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$ |
376,855 |
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$ |
384,719 |
|
$ |
110,096 |
Financing lease payments(2) |
|
|
109,582 |
|
|
438,328 |
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|
372,056 |
|
|
99,796 |
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— |
| (1) |
The weighted average discount rate as of September 30, 2022 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $103,704. The weighted average remaining term of operating leases was 3.55 years.
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| (2) |
The weighted average discount rate as of September 30, 2022 for financing leases was 4.00%. Based on this rate, the future lease payments above include imputed interest of $48,667. The weighted average remaining term of financing leases was 2.38 years.
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| Schedule of reconciliation between the undiscounted future cash flows and the operating and financing lease liabilities |
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As of |
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September 30, 2022 |
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December 31, 2021 |
Operating lease liability, current portion |
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$ |
306,715 |
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$ |
290,766 |
Operating lease liability, non-current portion |
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|
905,524 |
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|
1,138,319 |
Operating lease liability, total |
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$ |
1,212,239 |
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$ |
1,429,085 |
Total undiscounted future cash flows |
|
|
1,315,943 |
|
|
1,577,786 |
Imputed interest |
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|
103,704 |
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|
148,701 |
Undiscounted future cash flows less imputed interest |
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$ |
1,212,239 |
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$ |
1,429,085 |
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Financing lease liability, current portion |
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$ |
406,890 |
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$ |
316,514 |
Financing lease liability, non-current portion |
|
|
564,205 |
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|
343,727 |
Financing lease liability, total |
|
$ |
971,095 |
|
$ |
660,241 |
Total undiscounted future cash flows |
|
|
1,019,762 |
|
|
692,091 |
Imputed interest |
|
|
48,667 |
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|
31,850 |
Undiscounted future cash flows less imputed interest |
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$ |
971,095 |
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$ |
660,241 |
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| Schedule of lease cost |
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2022 |
|
2021 |
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2022 |
|
2021 |
Operating lease costs |
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$ |
83,590 |
|
$ |
83,589 |
|
$ |
250,770 |
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$ |
439,896 |
Short term lease costs (1) |
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|
639,708 |
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|
964,873 |
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|
1,937,310 |
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|
2,903,387 |
Financing lease costs: |
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Amortization of financing lease assets (2) |
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106,982 |
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|
85,367 |
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334,447 |
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|
189,831 |
Interest on lease liabilities (3) |
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|
10,391 |
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|
5,160 |
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|
24,184 |
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|
14,166 |
| (1) |
Amount included in Lease operating expenses |
| (2) |
Amount included in Depreciation, depletion and amortization
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| (3) |
Amount included in Interest expense |
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