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Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Summary of Presentation of Operating Leases

The following table summarizes the presentation of operating leases in the Company’s consolidated balance sheet:

 

 

 

Balance sheet location

 

As of December 31, 2021

 

 

As of December 31, 2020

 

 

Assets

 

 

 

 

 

 

 

 

 

Right-of-use operating asset

 

Right-of-use asset - operating lease

 

$

660,162

 

 

$

1,739,475

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Current operating lease liabilities

 

Operating lease liability, current portion

 

 

620,675

 

 

 

1,220,587

 

 

Long-term operating lease liabilities

 

Operating lease liability, long-term

 

 

 

 

 

581,708

 

 

Total operating lease liabilities

 

 

 

$

620,675

 

 

$

1,802,295

 

 

 

Schedule of Lease Expense

For the year ended December 31, 2021, the Company noted the following lease expense:

 

 

 

Statement of Operations Location

 

Year Ended
December 31, 2021

 

 

Year Ended
December 31, 2020

 

 

Year Ended
December 31, 2019

 

 

Operating lease expense

 

General and administrative

 

$

1,147,692

 

 

$

47,821

 

 

$

 

 

Total operating lease expense

 

 

 

$

1,147,692

 

 

$

47,821

 

 

$

 

 

Schedule of Future Minimum Lease Payments of Operating Leases

Future minimum lease payments of our operating leases as of December 31, 2021, were as follows:

 

Years Ending December 31,

 

 

 

2022

 

 

630,000

 

2023

 

 

 

2024

 

 

 

2025

 

 

 

Thereafter

 

 

 

Total lease payments

 

 

630,000

 

Less imputed interest

 

 

(9,325

)

Present value of operating lease liabilities

 

$

620,675