10-Q LEASES (Tables)

3 Months Ended

Mar. 31, 2022

The Company has the following lease balances recorded on the consolidated balance sheets as follows:


Lease Assets and Liabilities	Classification	December 31, 2021		December 31, 2020
Finance lease right-of-use asset	Right of use asset	$	15,033,000	$	—
Operating lease right-of-use asset	Other assets	46,897		51,294
Total right of use assets		$	15,079,897	$	51,294

Operating lease liability - current	Accrued expenses and other liabilities	$	4,388	$	3,650
Operating lease liability - long-term	Other liabilities	45,403		49,791
Finance lease liability	Lease liability	13,043,499		$	—
Total lease liabilities		$	13,093,290	$	53,441

The Company has the following lease balances recorded on the condensed consolidated balance sheets as follows:


Lease Assets and Liabilities	Classification	March 31, 2022		December 31, 2021
Finance lease right-of-use asset, net	Right of use asset	$	14,907,725	$	15,033,000
Operating lease right-of-use asset, net	Other assets	45,732		46,897
Total right of use assets		$	14,953,457	$	15,079,897

Operating lease liability - current	Accrued expenses and other liabilities	$	4,585	$	4,388
Operating lease liability - long-term	Other liabilities	44,166		45,403
Finance lease liability	Lease liability	13,035,110		$	13,043,499
Total lease liabilities		$	13,083,861	$	13,093,290

The Company has the following lease costs recorded in the consolidated statements of operations as follows:


	Year Ending December 31,
	2021			2020
Finance lease cost:
Amortization of right-of-use assets	$	—		$	—
Interest on lease liabilities	—			—
Operating lease cost	10,099			10,099
Total lease cost	$	10,099		$	10,099

Other information
Cash paid for amounts included in the measurement of lease liabilities	$	—		$	—
Operating cash flows from finance leases	—			—
Operating cash flows from operating leases	9,350			9,050
Financing cash flows from finance leases	—			—
Right-of-use assets and finance lease liabilities acquired with LINICO transaction (Note 2)	15,033,000			—
Weighted-average remaining lease term - finance leases	0.75			—
Weighted-average remaining lease term - operating leases	6.75			7.75
Weighted-average discount rate - finance leases	6		%	—		%
Weighted-average discount rate - operating leases	11		%	11		%

The Company has the following lease costs recorded in the condensed consolidated statements of operations as follows:


	Three Months Ended
	March 31, 2022			March 31, 2021
Finance lease cost:
Amortization of right-of-use assets	$	125,275		$	—
Interest on lease liabilities	195,611			—
Operating lease cost	2,525			2,525
Total lease cost	$	323,411		$	2,525

Other information
Operating cash flows from operating leases	$	9,350		$	9,050
Financing cash flows from finance leases	$	8,389		$	—
Weighted-average remaining lease term - finance leases	0.50			—
Weighted-average remaining lease term - operating leases	6.50			6.75
Weighted-average discount rate - finance leases	6		%	6		%
Weighted-average discount rate - operating leases	11		%	11		%

Maturities of lease liabilities by fiscal year for the Company's operating lease is as follows:


2022	9,650
2023	9,950
2024	10,250
2025	10,550
Thereafter	31,500
Total lease payments	71,900
Less: Imputed interest at 11%	(22,109)
Present value of lease liabilities	$	49,791

Minimum lease payments by fiscal year for the Company's operating lease is as follows:


For the remainder of 2022	7,250
2023	9,950
2024	10,250
2025	10,550
2026	10,850
Thereafter	20,650
Total lease payments	69,500
Less: Imputed interest at 11%	(20,749)
Present value of operating lease liabilities	$	48,751

Maturities of lease payments for operating leases to others are as follows:

Minimum lease payments for operating leases to others are as follows: