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Leases

9 Months Ended

Sep. 30, 2022

Note 9 – Leases

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

Lease Classification	September 30, 2022		December 31, 2021
ROU Assets:
Operating	$	1,472,934	$	1,814,396
Financing		4,347		90,467
Total ROU assets	$	1,477,281	$	1,904,863
Liabilities
Current:
Operating	$	346,629	$	459,792
Finance		6,748		43,150
Noncurrent:
Operating		2,631,957		2,977,402
Finance		1,121		3,644
Total lease liabilities	$	2,986,455	$	3,483,988

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

Maturity of Lease Liabilities		Operating			Finance			Total
	2022 (Three months)	$	159,760		$	4,254		$	164,014
	2023		598,672			3,364			602,036
	2024		608,267			280			608,547
	2025		519,550			—			519,550
	2026		378,279			—			378,279
	Thereafter		2,126,369			—			2,126,369
	Total lease payments		4,390,897			7,898			4,398,795
	Less: Interest		(1,412,311	)		(29	)		(1,412,340	)
	Present value of lease liabilities	$	2,978,586		$	7,869		$	2,986,455

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

		Three months ended September 30,				Nine months ended September 30,
Lease Cost	Classification	2022		2021		2022		2021
Operating	Operating expenses	$	139,206	$	188,945	$	466,904	$	835,314
Finance:
Amortization	Operating expenses		15,312		85,822		86,119		308,242
Interest expense	Other expenses		258		2,640		1,672		13,991
Total lease costs		$	154,776	$	277,407	$	554,695	$	1,157,547

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

Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		7.6
Finance leases		0.8
Weighted average discount rate:
Operating leases		9.3	%
Finance leases		4.4	%

Supplemental cash flow information as of the nine months ended September 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	$	466,904	$	835,314
Finance leases	$	1,672	$	13,991
Cash used in financing activities
Finance leases	$	38,925	$	236,563
ROU assets obtained in exchange for lease obligations:
Operating leases	$	—	$	748,294