Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASES

NOTE 9 – LEASES

Our lease agreements generally do not provide an implicit borrowing rate; therefore, an internal incremental borrowing rate is determined based on information available at lease commencement date for purposes of determining the present value of lease payments. We used the incremental borrowing rate on September 30, 2022 and December 31, 2021 for all leases that commenced prior to that date. In determining this rate, which is used to determine the present value of future lease payments, we estimate the rate of interest we would pay on a collateralized basis, with similar payment terms as the lease and in a similar economic environment.

Lease Costs

	Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Components of total lease costs:
Operating lease expense	$	988,381	$	515,956
Total lease costs	$	988,381	$	515,956

Lease Positions as of September 30, 2022 and December 31, 2021

ROU lease assets and lease liabilities for our operating leases are recorded on the balance sheet as follows:

	September 30, 2022		December 31, 2021
Assets
Right of use asset – long term	$	3,426,746	$	4,097,117
Total right of use asset	$	3,426,746	$	4,097,117
Liabilities
Operating lease liabilities – short term	$	1,122,869	$	1,145,126
Operating lease liabilities – long term		2,112,362		2,765,933
Total lease liability	$	3,235,231	$	3,911,059

Lease Terms and Discount Rate

Weighted average remaining lease term (in years) – operating leases	1.80
Weighted average discount rate – operating leases	8.00	%