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Leases

6 Months Ended

Jun. 30, 2022

Note 9 – Leases

The following table presents the Company’s ROU assets and lease liabilities as of June 30, 2022 and December 31, 2021:

Lease Classification	June 30, 2022		December 31, 2021
ROU Assets:
Operating	$	1,582,325	$	1,814,396
Financing		19,660		90,467
Total ROU assets	$	1,601,985	$	1,904,863
Liabilities
Current:
Operating	$	394,027	$	459,792
Finance		16,731		43,150
Noncurrent:
Operating		2,721,233		2,977,402
Finance		1,962		3,644
Total lease liabilities	$	3,133,953	$	3,483,988

Maturities of lease liabilities as of June 30, 2022 by fiscal year are as follows:

Maturity of Lease Liabilities		Operating			Finance			Total
	2022 (Six months)	$	329,771		$	15,336		$	345,107
	2023		615,068			3,364			618,432
	2024		624,663			280			624,943
	2025		529,481			—			529,481
	2026		378,279			—			378,279
	Thereafter		2,126,368			—			2,126,368
	Total lease payments		4,603,630			18,980			4,622,610
	Less: Interest		(1,488,370	)		(287	)		(1,488,657	)
	Present value of lease liabilities	$	3,115,260		$	18,693		$	3,133,953

Condensed consolidated statements of operations classification of lease costs as of the three and six months ended June 30, 2022 and 2021 are as follows:

		Three months ended June 30,				Six months ended June 30,
Lease Cost	Classification	2022		2021		2022		2021
Operating	Operating expenses	$	152,784	$	298,331	$	327,699	$	646,369
Finance:
Amortization	Operating expenses		31,096		111,464		70,807		222,420
Interest expense	Other expenses		509		4,491		1,414		11,350
Total lease costs		$	184,389	$	414,286	$	399,920	$	880,139

Other lease information as of June 30, 2022 is as follows:

Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		7.7
Finance leases		0.6
Weighted average discount rate:
Operating leases		9.2	%
Finance leases		7.3	%

Supplemental cash flow information as of the six months ended June 30, 2022 and 2021 is as follows:

Supplemental Cash Flow Information	2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities
Operating leases	$	327,699	$	646,369
Finance leases	$	1,414	$	11,350
Cash used in financing activities
Finance leases	$	28,101	$	177,742
ROU assets obtained in exchange for lease obligations:
Operating leases	$	—	$	748,294