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LEASES (Tables)
12 Months Ended
Dec. 31, 2021
LEASES  
Summary of lease

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Operating Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

$829,960

 

 

$671,402

 

 

 

 

 

 

 

 

 

 

Current portion of operating lease liability

 

$180,544

 

 

$164,843

 

Long-term portion of operating lease liability

 

 

532,782

 

 

 

504,783

 

Total operating lease liability

 

$713,326

 

 

$669,626

 

 

 

 

 

 

 

 

 

 

Finance Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computer equipment on financing lease

 

$11,929

 

 

$101,049

 

Less: accumulated depreciation

 

 

11,929

 

 

 

85,936

 

Computer equipment on financing lease, net

 

$-

 

 

$15,113

 

 

 

 

 

 

 

 

 

 

Current portion of finance lease liability

 

 

2,094

 

 

 

11,951

 

Long-term portion of finance lease liability

 

 

-

 

 

 

2,108

 

Total finance lease liability

 

$2,094

 

 

$14,059

 

 

 

 

2021

 

 

2020

 

 

 

 

 

 

Weighted Average Remaining Lease Term

 

 

 

 

Operating leases

 

3.6 years

 

 

4.1 years

 

Finance leases

 

0.8 years

 

 

0.9 years

 

 

 

 

 

 

 

 

Weighted Average Discount Rate

 

 

 

 

 

 

Operating leases

 

 

9.8%

 

 

9.7%

Finance leases

 

 

7.5%

 

 

8.8%
Maturities of lease liabilities

Year ending December 31

 

Operating

Leases

 

 

Finance

Leases

 

 

 

 

 

 

 

 

2022

 

$242,524

 

 

$2,151

 

2023

 

 

229,856

 

 

 

-

 

2024

 

 

215,966

 

 

 

-

 

2025

 

 

144,686

 

 

 

-

 

2026

 

 

20,490

 

 

 

-

 

Total lease payments

 

 

853,522

 

 

 

2,151

 

Less imputed interest

 

 

(140,196)

 

 

(57)

Total

 

$713,326

 

 

$2,094

 

Components of lease expense

 

 

2021

 

 

2020

 

Operating lease costs:

 

 

 

 

 

 

Operating lease costs

 

$259,191

 

 

$241,421

 

Short-term lease costs

 

 

89,634

 

 

 

93,530

 

Total operating lease costs

 

$348,825

 

 

$334,951

 

 

 

 

 

 

 

 

 

 

Finance lease costs:

 

 

 

 

 

 

 

 

Amortization

 

$15,113

 

 

$31,855

 

Interest

 

 

422

 

 

 

2,926

 

Total finance lease cost

 

$15,535

 

 

$34,781

 

Supplemental cash flow information

 

 

2021

 

 

2020

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$262,060

 

 

$241,858

 

Operating cash flows from finance leases

 

 

422

 

 

 

2,926

 

Financing cash flows from finance leases

 

 

11,965

 

 

 

34,258

 

 

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

Operating leases

 

 

233,978

 

 

 

507,753