Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Leases

We have entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two years to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on our consolidated balance sheets and represent our right to use the underlying asset for the lease term. Our obligations to make lease payments are also listed as separate line items on our consolidated balance sheets. As of September 30, 2021 and December 31, 2020, total operating and financed right-of-use assets were $723,069 and $287,225, and $606,573 and $395,910, respectively.

As of September 30, 2021 and 2020, we recorded $237,423 and $291,100, respectively, in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments.

Information related to our operating lease liabilities are as follows:

	For the Nine Months Ended September 30,
Cash paid for operating lease liabilities	$	433,569
Weighted-average remaining lease term	3.38
Weighted-average discount rate	6.25		%

Minimum future lease payments ended September 30, 2021
2021	95,843
2022	380,482
2023	297,921
2024	13,128
2025	2,143
2026	1,071
	790,588
Less imputed interest	(67,520)
Total lease liabilities	$	723,068

Information related to our financed lease liabilities are as follows:

	For the Nine Months Ended September 30,
Cash paid for finance lease liabilities	$	172,459
Weighted-average remaining lease term	2.45
Weighted-average discount rate	6.25		%

Minimum future lease payments ended September 30, 2021
2021	$	106,224
2022	119,452
2023	84,127
2024	3,856
	313,659
Less imputed interest	(29,613)
Total lease liabilities	$	284,046

Leases

Leases

We have entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from two years to four years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on our consolidated balance sheets and represent our right to use the underlying asset for the lease term. Our obligations to make lease payments are also listed as separate line items on our consolidated balance sheets. As of September 30, 2021 and December 31, 2020, total operating and financed right-of-use assets were $723,069 and $287,225, and $606,573 and $395,910, respectively.

As of September 30, 2021 and 2020, we recorded $237,423 and $291,100, respectively, in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, we use the incremental borrowing rate to determine the present value of the lease payments.

Information related to our operating lease liabilities are as follows:

	For the Nine Months Ended September 30,
Cash paid for operating lease liabilities	$	433,569
Weighted-average remaining lease term	3.38
Weighted-average discount rate	6.25		%

Minimum future lease payments ended September 30, 2021
2021	95,843
2022	380,482
2023	297,921
2024	13,128
2025	2,143
2026	1,071
	790,588
Less imputed interest	(67,520)
Total lease liabilities	$	723,068

Information related to our financed lease liabilities are as follows:

	For the Nine Months Ended September 30,
Cash paid for finance lease liabilities	$	172,459
Weighted-average remaining lease term	2.45
Weighted-average discount rate	6.25		%

Minimum future lease payments ended September 30, 2021
2021	$	106,224
2022	119,452
2023	84,127
2024	3,856
	313,659
Less imputed interest	(29,613)
Total lease liabilities	$	284,046