Finance and Operating Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2022

Finance And Operating Lease Obligations

Schedule of Lease-related Assets and Liabilities

The following table presents our lease-related assets and liabilities at March 31, 2022 (unaudited) and December 31, 2021:

	Balance Sheet Classification	March 31, 2022			December 31, 2021
Assets:
Operating leases	Right-of-use operating lease assets	$	793,862		$	821,274
Finance lease	Property and equipment, net		220,461			220,461
Total lease assets		$	1,014,323		$	1,041,735
Liabilities:
Current:
Operating leases	Right-of-use operating lease obligations	$	247,017		$	247,017
Finance lease	Current liabilities		220,461			220,461
Noncurrent:
Operating leases	Right-of-use operating lease obligations		546,845			574,257
Total lease liabilities		$	1,014,323		$	1,041,735
Weighted-average remaining term:
Operating leases			3.62 years			3.57 years
Finance lease (1)			0 years			0 years
Weighted-average discount rate:
Operating leases			13.0	%		13.0	%
Finance leases			4.9	%		4.9	%

Schedule of Lease Expense

The following table presents certain information related to lease expense for finance and operating leases for the three months ended March 31, 2022 and 2021 (unaudited):

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Finance lease expense:
Depreciation/amortization of leased assets	$	-	$	-
Interest on lease liabilities		-		-
Operating leases:
Short-term lease expense (2)		49,182		72,650
Total lease expense	$	49,182	$	72,650

Schedule of Lease Supplemental Cash Flow Information

The following table presents supplemental cash flow information for the three months ended March 31, 2022 and 2021 (unaudited):

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases obligations	$	56,208	$	34,861
Operating cash flows for finance lease	$	-	$	-
Financing cash flows for finance lease payments	$	-	$	-

Schedule of Future Minimum Rentals Under Right-of-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 Lease
Twelve months ending March 31:
2023	$	341,718			224,252
2024		243,270			-
2025		221,088			-
2026		130,547			-
Thereafter		-			-
Total		936,623			224,252
Less interest		(142,761	)		(3,791	)
Present value of minimum lease payments		793,862			220,461
Less current portion of lease obligations		(247,017	)		(220,461	)
Lease obligations, net of current portion	$	546,845			-