Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

12. Leases

The Company leases an office, a plant and certain equipment under non-cancelable operating and finance lease agreements. The leases have remaining lease terms of one and a half years to four years. The plant lease includes an option to extend the lease for up to five years.

 Supplemental balance sheet information related to leases is as follows:     

Balance Sheet Location		December 31, 2021
Operating Leases
Right-of-use assets, net		$	1,177,879
Current liabilities	Lease liability, current maturities		(317,977	)
Non-current liabilities	Lease liability, net of current maturities		(860,481	)
Total operating lease liabilities		$	(1,178,458	)
Finance Leases
Right-of-use assets		$	32,174
Current liabilities	Lease liability, current maturities		(19,492	)
Non-current liabilities	Lease liability, net of current maturities		(11,643	)
Total finance lease liabilities		$	(31,135	)
Weighted Average Remaining Lease Term
Operating leases			3.69 years
Finance leases			1.61 years
Weighted Average Discount Rate
Operating leases			3%
Finance leases			3%

As the leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments, which is reflective of the specific term of the leases and economic environment of each geographic region. 

Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancelable leases, are as follows: 

Year Ending December 31,		Operating		Financing		Total
2022	$	348,984	$	20,160	$	369,144
2023		330,300		11,760		342,060
2024		324,000		—		324,000
2025		243,000		—		243,000
2026		—		—		—
Total lease payments		1,246,284		31,920		1,278,204
Less: Imputed interest		67,826		785		68,611
Present value of lease liabilities	$	1,178,458	$	31,135	$	1,209,593

Chicago Airport Testing has subleased its leased vacant area for a period of one year, the sublessee has the option to terminate at any time after the first six months. The sublessee elected to terminate the Agreement, effective as of July 31, 2021 and the Company has no remaining lease revenue from the sublessee.