Leases

3 Months Ended

Mar. 31, 2022

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 three years to five 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 obligation to make lease payments is also listed as separate line items on our consolidated balance sheets. As of March 31, 2022 and December 31, 2021, total operating and financed right-of-use assets were $569,407 and $177,643, and $641,306 and $201,902, respectively.

As of March 31, 2022 and 2021, we recorded $24,259 and $80,117, respectively, in amortization expense related to finance leases.

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

Information related to our operating lease liabilities are as follows:

	For the Three Months Ended March 31,
Cash paid for operating lease liabilities	$	112,695
Weighted-average remaining lease term	3.5 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2022
2022 (remainder of the year)	287,795
2023	301,029
2024	16,236
2025	5,251
2026	1,590
	611,901
Less imputed interest	(42,493)
Total lease liabilities	$	569,408

Information related to our financed lease liabilities are as follows:

	For the Three Months Ended March 31,
Cash paid for finance lease liabilities	$	29,863
Weighted-average remaining lease term	2.3 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2022
2022 (remainder of the year)	$	85,002
2023	84,127
2024	31,220
	200,349
Less imputed interest	(16,391)
Total lease liabilities	$	183,958

Leases

Leases

We have entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from three years to five 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 obligation to make lease payments is also listed as separate line items on our consolidated balance sheets. As of March 31, 2022 and December 31, 2021, total operating and financed right-of-use assets were $569,407 and $177,643, and $641,306 and $201,902, respectively.

As of March 31, 2022 and 2021, we recorded $24,259 and $80,117, respectively, in amortization expense related to finance leases.

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

Information related to our operating lease liabilities are as follows:

	For the Three Months Ended March 31,
Cash paid for operating lease liabilities	$	112,695
Weighted-average remaining lease term	3.5 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2022
2022 (remainder of the year)	287,795
2023	301,029
2024	16,236
2025	5,251
2026	1,590
	611,901
Less imputed interest	(42,493)
Total lease liabilities	$	569,408

Information related to our financed lease liabilities are as follows:

	For the Three Months Ended March 31,
Cash paid for finance lease liabilities	$	29,863
Weighted-average remaining lease term	2.3 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended March 31, 2022
2022 (remainder of the year)	$	85,002
2023	84,127
2024	31,220
	200,349
Less imputed interest	(16,391)
Total lease liabilities	$	183,958