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Leases (Tables)
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Summary of Other Information Related to Operating Leases

The table below summarizes other information related to the Company’s operating leases:

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Cash paid for amounts included in measurement of operating lease liabilities

 

$

360,355

 

 

$

403,012

 

Establishment of operating lease liabilities arising from obtaining right-of-use- assets

 

 

 

 

 

1,302,457

 

Weighted-average remaining lease term – operating leases

 

 

2.3

 

 

 

3.3

 

Weighted-average discount rate – operating leases

 

 

5.8

%

 

 

5.8

%

The components of lease cost for financing leases were as follows:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Financing leases

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

3,855

 

 

$

5,444

 

 

$

12,836

 

 

$

18,501

 

Interest on lease liability

 

 

921

 

 

 

1,369

 

 

 

3,082

 

 

 

4,544

 

Total financing lease cost

 

$

4,776

 

 

$

6,813

 

 

$

15,918

 

 

$

23,045

 

 

Summary of Remaining Maturities of Operating Leases

Remaining maturities of the Company’s operating leases, included in operating lease liabilities – current and operating lease liabilities - non-current, net of discount, in the condensed consolidated balance sheets as of September 30, 2022 are as follows:

2022

 

 

 

$

121,193

 

2023

 

 

 

 

484,719

 

2024

 

 

 

 

484,631

 

2025

 

 

 

 

40,382

 

Total

 

 

 

 

1,130,925

 

Less present value discount

 

 

 

 

(74,941

)

Total operating lease liabilities

 

 

 

 

1,055,984

 

Less operating lease liabilities - current

 

 

 

 

(435,377

)

Operating lease liabilities - non-current

 

 

 

$

620,607

 

 

Summary of Other Information Related to Financing Leases

The table below summarizes other information related to the Company’s financing leases:

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Weighted-average remaining lease term – financing leases

 

 

2.2

 

 

 

3.0

 

Weighted-average discount rate – financing leases

 

 

9.77

%

 

 

9.77

%

Summary of Remaining Maturities of Financing Leases

As of September 30, 2022, remaining maturities of the Company’s financing leases are as follows:

2022

 

 

 

$

4,599

 

2023

 

 

 

 

18,396

 

2024

 

 

 

 

16,080

 

Total

 

 

 

 

39,075

 

Less present value discount

 

 

 

 

(3,998

)

Financing lease liabilities, net

 

 

 

$

35,077