Leases

9 Months Ended

Sep. 30, 2021

Note 10 – Leases

The following table presents the Company’s ROU assets and lease liabilities as of September 30, 2021 and December 31, 2020:

Lease Classification	September 30, 2021		December 31, 2020
ROU Assets:
Operating	$	1,885,025	$	2,082,300
Financing		141,387		449,628
Total ROU assets	$	2,026,412	$	2,531,928
Liabilities
Current:
Operating	$	610,336	$	964,434
Finance		68,831		266,470
Noncurrent:
Operating		2,953,615		1,492,544
Finance		7,869		46,794
Total lease liabilities	$	3,640,651	$	2,770,242

Maturities of lease liabilities as of September 30, 2021 by fiscal year are as follows:

Maturity of Lease Liabilities	Operating			Finance			Total
2021	$	255,767		$	31,397		$	287,164
2022		731,523			44,850			776,373
2023		617,829			3,364			621,193
2024		627,424			280			627,704
2025		541,023			—			541,023
Thereafter		2,504,648			—			2,504,648
Total lease payments		5,278,214			79,891			5,358,105
Less: Interest		(1,714,263	)		(3,191	)		(1,717,454	)
Present value of lease liabilities	$	3,563,951		$	76,700		$	3,640,651

Condensed consolidated statements of operations classification of lease costs as of the three and nine months ended September 30, 2021 and 2020 are as follows:

		Three months ended September 30,				Nine months ended September 30,
Lease Cost	Classification	2021		2020		2021		2020
Operating	Operating expenses	$	188,945	$	332,241	$	835,314	$	882,659
Finance:
Amortization	Operating expenses		85,822		125,005		308,242		387,262
Interest expense	Other expenses		2,640		15,806		13,991		49,326
Total lease costs		$	277,407	$	473,052	$	1,157,547	$	1,319,247

Other lease information as of September 30, 2021 is as follows:

Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		7.4
Finance leases		0.9
Weighted average discount rate:
Operating leases		8.9	%
Finance leases		9.2	%

Supplemental cash flow information as of the nine months ended September 30, 2021 and 2020 is as follows:

Supplemental Cash Flow Information	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities
Operating leases	$	835,314	$	882,659
Finance leases	$	13,991	$	45,185
Cash used in financing activities
Finance leases	$	236,563	$	467,592
ROU assets obtained in exchange for lease obligations:
Operating leases	$	748,294	$	—