Leases

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021, total operating and financed right-of-use assets were $397,850 and $128,589, and $641,306 and $201,902, respectively.

As of September 30, 2022 and 2021, we recorded $73,313 and $237,423, 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 Nine Months Ended September 30,
Cash paid for operating lease liabilities	$	316,597
Weighted-average remaining lease term	3.2 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended September 30, 2022
2022 (remainder of the year)	$	97,360
2023	301,029
2024	16,236
2025	5,251
2026	1,590
	421,466
Less imputed interest	(22,376)
Total lease liabilities	$	399,090

Information related to our financed lease liabilities are as follows:

	For the Nine Months Ended September 30,
Cash paid for finance lease liabilities	$	92,622
Weighted-average remaining lease term	1.6 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended September 30, 2022
2022 (remainder of the year)	$	25,276
2023	84,127
2024	31,220
	140,623
Less imputed interest	(8,106)
Total lease liabilities	$	132,517

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 September 30, 2022 and December 31, 2021, total operating and financed right-of-use assets were $397,850 and $128,589, and $641,306 and $201,902, respectively.

As of September 30, 2022 and 2021, we recorded $73,313 and $237,423, 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 Nine Months Ended September 30,
Cash paid for operating lease liabilities	$	316,597
Weighted-average remaining lease term	3.2 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended September 30, 2022
2022 (remainder of the year)	$	97,360
2023	301,029
2024	16,236
2025	5,251
2026	1,590
	421,466
Less imputed interest	(22,376)
Total lease liabilities	$	399,090

Information related to our financed lease liabilities are as follows:

	For the Nine Months Ended September 30,
Cash paid for finance lease liabilities	$	92,622
Weighted-average remaining lease term	1.6 years
Weighted-average discount rate	6.25		%

Minimum future lease payments ended September 30, 2022
2022 (remainder of the year)	$	25,276
2023	84,127
2024	31,220
	140,623
Less imputed interest	(8,106)
Total lease liabilities	$	132,517