Leases

9 Months Ended

Sep. 30, 2021

Disclosure Text Block [Abstract]

Lessee, Operating Leases [Text Block]

Note 3 – Leases

In February 2016, the FASB issued ASU 2016-02, “Leases,” which, together with its related clarifying ASUs, provided revised guidance for lease accounting and related disclosure requirements and established a right-to-use (ROU) model that requires lessees to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The ASU also requires disclosures to allow financial statement users to better understand the amount, timing and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements.

The following table includes the ROU and operating lease liabilities as of September 30, 2021 and December 31, 2020.

Right of Use Asset	Balance September 30, 2021		Balance December 31, 2020
Operating Lease right-of-use assets	$	1,222,606	$	1,211,707

Operating Lease Liability	Balance September 30, 2021		Balance December 31, 2020
Short-Term Operating Lease Liability	$	278,108	$	243,218
Long-Term Operating Lease Liability		977,512		993,596
Total	$	1,255,620	$	1,236,814

Maturity analysis under these lease agreements are as follows:

Maturity Analysis	Balance September 30, 2021
2021 (remaining)	$	86,524
2022		347,278
2023		348,416
2024		236,948
2025		120,881
Thereafter		380,823
Total		1,520,870
Less Imputed interest		(265,250)
Present Value of Operating Leases	$	1,255,620

We amortize our leases over the shorter of the term of the lease or the useful life of the asset. Lease expense for the three and nine months ended September 30, 2021 was $90,370 and $268,400. Lease expense for the three and nine months ended September 30, 2020 was $130,277 and $405,213.