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Leases (Tables)
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Estimated Useful Lives of Finance Lease Assets The following is the estimated useful lives of the finance lease assets:

Animal Facility

40 years

Equipment

3 –7 years

Land

Indefinite

Schedule of Operating and Finance Leases Discount Rate

The Company’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of December 31, 2021 are:

 

 

Operating

 

 

Finance

 

Weighted-average remaining lease term

 

2.44 years

 

 

16.80 years

 

Weighted-average discount rate

 

 

4.58

%

 

 

7.71

%

Schedule of Undiscounted Future Minimum Lease Payments

The table below reconciles the undiscounted future minimum lease payments under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the consolidated balance sheet as of December 31, 2021:

 

 

Operating

 

 

Finance

 

2022

 

$

1,240,333

 

 

$

444,928

 

2023

 

 

1,169,559

 

 

 

406,339

 

2024

 

 

535,943

 

 

 

401,496

 

2025

 

 

 

 

 

401,496

 

2026

 

 

 

 

 

401,496

 

Thereafter

 

 

 

 

 

4,784,494

 

Undiscounted future minimum lease payments

 

 

2,945,835

 

 

 

6,840,249

 

Less: Amount representing interest payments

 

 

(150,237

)

 

 

(2,916,769

)

Total lease liabilities

 

 

2,795,598

 

 

 

3,923,480

 

Less current portion

 

 

(1,142,413

)

 

 

(161,050

)

Noncurrent lease liabilities

 

$

1,653,185

 

 

$

3,762,430