Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Note 5. Leases

On May 12, 2022, the Company entered into a lease agreement for office and manufacturing space in Orlando, FL. The new lease is classified as an operating lease, with a term of 61 months beginning June 1, 2022 and ending June, 30, 2027, with the first month rent free.

The balance sheet classification of lease assets and liabilities as of September 30, 2022 was as follows:

Balance Sheet Classification	September 30, 2022
Assets
Operating lease right-of-use assets, December 31, 2021	$	784,306
Addition of lease right-of-use asset in 2022		840,843
Amortization for the Nine months ended September 30, 2022		(291,879	)
Total operating lease right-of-use asset, September 30, 2022	$	1,333,270
Liabilities
Current
Operating lease liability, short-term	$	548,376
Non-current
Operating lease liability, long-term		854,583
Total lease liabilities	$	1,402,959

Future minimum lease payments as of September 30, 2022 under non-cancelable operating leases are as follows:

Future Minimum Lease Payments
2022	$	286,412
2023		572,794
2024		317,939
2025		191,479
2026		196,311
2027		99,381
Total lease payments		1,664,316
Less:  imputed interest		(261,357	)
Operating lease liability	$	1,402,959

The balance sheet classification of lease assets and liabilities as of December 31, 2021 was as follows:

Balance Sheet Classification	December 31, 2021
Assets
Operating lease right-of-use assets, December 31, 2020	$	1,094,527
Amortization for the year ended December 31, 2021		(310,221	)
Total operating lease right-of-use asset, December 31, 2021	$	784,306
Liabilities
Current
Operating lease liability, short-term	$	347,772
Non-current
Operating lease liability, long-term		505,383
Total lease liabilities	$	853,155

Future minimum lease payments as of December 31, 2021 under non-cancelable operating leases are as follows:

2022	$	379,097
2023		390,562
2024		131,152
Total lease payments		900,811
Less:  imputed interest		(47,656	)
Operating lease liability	$	853,155

Rent expense for the three months ended September 30, 2022 and 2021 was $243,440 and $146,497, respectively. Rent expense for the nine months ended September 30, 2022 and 2021 was $647,893 and $436,750, respectively.