Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases  
Summary of Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year at December 31, 2021 were as follows:

    Total  
Year Ended December 31,        
2022   $ 280,090  
2023     205,987  
2024     63,835  
Thereafter     -  
Total undiscounted lease payments     549,912  
Less: Imputed interest     (25,770 )
Operating lease liabilities     524,142  
         
Operating lease liability - current     261,674  
Operating lease liability - non-current   $ 262,468  
Summary of Other Supplemental Information

The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2021:

Weighted average discount rate     4.64 %
Weighted average remaining lease term (years)     2.06  
Summary of Future Minimum Lease Payments Under Finance Lease Obligations

At December 31, 2021, future minimum lease payments under the finance lease obligations, are as follows:

 

    Total  
2022   $ 56,638  
2023     50,682  
2024     15,732  
2025     15,732  
2026    

22,286

  
Thereafter     -  
Total undiscounted lease payments     161,070  
Less: Imputed interest     (13,051 )
Finance lease liabilities     148,019  
         
Finance lease liability     50,927  
Finance lease liability - non-current   $ 97,092  
Schedule of Finance Lease Assets in Property and Equipment

As of December 31, 2021 and 2020, finance lease assets are included in property and equipment as follows:

 

    December 31,     December 31,  
    2021     2020  
Machinery   $ 585,563     $ 888,783  
Accumulated depreciation     (455,899 )     (544,860 )
Finance lease assets, net of accumulated depreciation   $ 129,664     $ 343,923