Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.22.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022 were as follows:

 

    Total  
Year Ended December 31,        
2022   $ 210,550  
2023     205,987  
2024     63,835  
Thereafter     -  
Total undiscounted lease payments     480,372  
Less: Imputed interest     (20,016 )
Operating lease liabilities     460,356  
         
Operating lease liability - current     266,526  
Operating lease liability - non-current   $ 193,830  
Summary of Other Supplemental Information

The following summarizes other supplemental information about the Company’s operating lease as of March 31, 2022:

 

Weighted average discount rate     4.64 %
Weighted average remaining lease term (years)     1.82  
Summary of Future Minimum Lease Payments Under Finance Lease Obligations

At March 31, 2022, future minimum lease payments under the finance lease obligations, are as follows:

 

Future minimum lease payments under financing leases      
    Total  
2022   $ 42,479  
2023     50,682  
2024     15,732  
2025     15,732  
2026    

15,732

  
Thereafter     6,554  
Total undiscounted lease payments     146,911  
Less: Imputed interest     (11,405 )
Finance lease liabilities     135,506  
         
Finance lease liability     51,070  
Finance lease liability - non-current   $ 84,436  
Schedule of Finance Lease Assets in Property and Equipment

As of March 31, 2022 and December 31, 2021, finance lease assets are included in property and equipment as follows:

 

    March 31,     December 31,  
    2022     2021  
Machinery   $ 585,563     $ 585,563  
Accumulated depreciation     (484,582 )     (455,899 )
Finance lease assets, net of accumulated depreciation   $ 100,981     $ 129,664