Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases

Summary of Components of Lease Cost

The components of lease cost for the years ended December 31, 2021 and 2020 were as follows:

	2021		2020
Operating lease cost	$	338,787	$	338,787
Finance lease cost:
Amortization of right-of-use assets		409,927		408,180
Interest on lease liabilities		26,504		72,374
Total finance lease cost		436,431		480,554
Total lease cost	$	775,218	$	819,341

Summary of Lease Reported in Consolidated Balance Sheets

Amounts reported in the consolidated balance sheets as of December 31, 2021 and 2020 were as follows:

	2021			2020
Operating Leases:
Operating lease right-of-use assets	$	858,600		$	958,724
Other current liabilities		295,595			234,168
Operating lease liabilities		828,503			1,057,441
Total operating lease liabilities		1,124,098			1,291,609
Finance leases:
Property and equipment		76,928			874,803
Accumulated amortization		(29,602	)		(407,180	)
Property and equipment, net		47,326			467,623
Current installments of obligations under
finance leases		15,096			436,259
Long-term portion of obligations under
finance leases		37,534			52,630
Total finance lease liabilities	$	52,630		$	488,889

Summary of Other Information Relating to Leases

Other information relating to leases as of December 31, 2021 and 2020 was as follows:

Supplemental cash flow information:	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow from operating leases	$	433,172		$	299,953
Operating cash flow from finance leases		26,504			72,374
Financing cash flow from finance leases		436,259			385,917
ROU assets obtained in exchange for lease obligations:
Operating leases		-			-
Finance leases		-			76,928
Reductions to ROU assets resulting from reductions to lease obligations:
Operating leases		196,245			176,324
Finance leases		409,927			407,180
Weighted average remaining lease term:
Operating leases		39 months			52 months
Finance leases		39 months			17 months
Weighted average discount rate:
Operating leases		11.57	%		11.76	%
Finance leases		6.12	%		10.85	%

Summary of Maturity of Lease Liabilities

Maturities of lease liabilities under noncancellable leases as of December 31, 2021 are as follows:

	Operating			Finance
	leases			leases
2022		406,400			17,900
2023		414,800			17,900
2024		393,005			17,900
2025		132,580			4,473
Thereafter		-			-
Total undiscounted lease payments		1,346,785			58,173
Less imputed interest		(222,687	)		(5,543	)
Total lease liabilities	$	1,124,098		$	52,630