Finance Leases (Tables)

6 Months Ended

Jun. 30, 2022

Finance Leases

Schedule of future minimum lease payments

The Company leases certain equipment under finance leases. Future minimum lease payments, by year, with the present value of such payments, as of June 30, 2022, are shown in the following table.

2022	$	52,650
2023		101,675
2024		49,859
Total minimum lease payments		204,184
Less amount representing interest		8,792
Present value of minimum lease payments		195,392
Less current portion		98,828
Finance lease obligations, net of current portion	$	96,564

Schedule of equipment under finance leases

The equipment under finance lease at June 30, 2022, and December 31, 2021, is included in the accompanying balance sheets as follows:

	June 30, 2022		Dec. 31, 2021
Machinery and equipment	$	385,923	$	385,923
Less accumulated depreciation and amortization		85,080		65,783
Net book value	$	300,843	$	320,140