Operating Lease

9 Months Ended

Sep. 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 $84,300 and $82,600 during the nine months ended September 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 September 30, 2022:

2022	$	28,359
2023		114,857
2024		102,550
Total minimum lease payments		245,766
Less debt discount		15,035
Total operating lease obligations	$	230,731

Operating cash outflows from operating leases	$	72,183
Weighted average remaining lease term – operating leases		2.2	years
Weighted average discount rate – operating leases		5.5	%