Finance and Operating Lease Obligations (Tables)

9 Months Ended

Sep. 30, 2021

Finance And Operating Lease Obligations

Schedule of Lease-related Assets and Liabilities

The following table presents our lease-related assets and liabilities at September 30, 2021 (unaudited) and December 31, 2020:

	Balance Sheet Classification	September 30, 2021			December 31, 2020
Assets:
Operating leases	Right-of-use operating lease assets	$	877,412		$	1,000,272
Finance leases	Property and equipment, net		220,461			249,985
Total lease assets		$	1,097,873		$	1,250,257
Liabilities:
Current:
Operating leases	Right-of-use operating lease obligations	$	237,026		$	172,952
Finance leases	Current liabilities		220,461			249,985
Noncurrent:
Operating leases	Right-of-use operating lease obligations		640,386			827,320
Total lease liabilities		$	1,097,873		$	1,250,257
Weighted-average remaining term:
Operating leases			3.50 years			4.17 years
Finance leases			0 years			0 years
Weighted-average discount rate:
Operating leases			13.0	%		13.0	%
Finance leases			4.9	%		4.9	%

Schedule of Information Related to Lease Expense for Finance and Operating Leases

The following table presents certain information related to lease expense for finance and operating leases for the three months and nine months ended September 30, 2021 and 2020:

		Three Months Ended September 30, 2021		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Finance lease expense:
Depreciation/amortization of leased assets	$	-	$	-	$	-	$	26,349
Interest on lease liabilities		-		-		-		9,455
Operating leases:
Short-term lease expense (1)		44,342		49,196		151,025		219,138
Total lease expense	$	44,342	$	49,196	$	151,025	$	254,942

(1) Expenses are included in general and administrative expenses in the consolidated statements of operations.

Schedule of Supplemental Cash Flow Information

The following table presents supplemental cash flow information for the nine months ended September 30, 2021 and 2020:

	Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	168,923	$	98,374
Operating cash flows for finance leases		-		9,455
Financing cash flows for finance lease payments		29,524		200,709

Schedule of Future Minimum Rentals Under Right-to-use Operating and Finance Leases

Aggregate future minimum lease payments under right-of-use operating and finance leases are as follows:

	Right-of-Use Operating Leases			Finance Leases
Twelve months ended September 30, 2022	$	337,357		$	224,252
Twelve months ended September 30, 2023		307,082			-
Twelve months ended September 30, 2024		217,839			-
Twelve months ended September 30, 2025		223,795			-
Twelve months ended September 30, 2026		18,650			-
Thereafter		-			-
Total		1,104,723			224,252
Less interest		-			-
Present value of minimum lease payments	$	1,104,723		$	224,252
Less current portion of lease obligations		(227,311	)		(3,791	)
Lease obligations, net of current portion	$	877,412		$	220,461