Operating Lease

6 Months Ended

Jun. 30, 2022

Operating Lease

Operating Lease

Note 10. Operating Lease

The Company entered into an operating lease with a third party on March 18, 2014 for its headquarters in Columbus, Ohio. The terms of the lease include monthly payments ranging from $9,200 to $9,700 with a maturity date of November 30, 2024. The Company has the option to extend the lease period for an additional five years beyond the original expiration date. There are no restrictions or covenants associated with the lease. The lease costs were approximately $56,200 and $55,000 during the six months ended June 30, 2022 and 2021, respectively.

Note 10. Operating Lease (continued)

The following is a maturity analysis, by year, of the annual undiscounted cash outflows of the operating lease liabilities as of June 30, 2022:

2022	$	56,443
2023		114,857
2024		102,550
Total minimum lease payments		273,850
Less debt discount		18,671
Total operating lease obligations	$	255,179

Operating cash outflows from operating leases	$	47,736
Weighted average remaining lease term		2.4	years
Weighted average discount rate		5.5	%