Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.22.2.2
LEASES (Tables)
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

 

 

 

As of September 30, 2022

 

 

Amount

 

 

Classification

Operating leases:

 

 

 

 

 

Operating lease right-of-use lease assets

 

$

1,061,140

 

 

 

 

 

 

 

 

 

Operating lease current liabilities

 

$

243,038

 

 

 Current portion of operating lease liabilities

 

 

 

 

 

 

Operating lease long-term liabilities

 

 

895,318

 

 

 Long-term operating lease liabilities

 

 

 

 

 

 

Total operating lease liabilities

 

$

1,138,356

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term:

 

 

 

 

 

Operating leases

 

 

4.19

 

 

 

 

 

 

 

 

 

Weighted-average discount rate:

 

 

 

 

 

Operating leases

 

 

4.4

%

 

 

Schedule of Components of Lease Expense

The components of lease expense are as follows:

 

 

 

Three Months Ended September 30, 2022

 

 

Amount

 

 

Classification

Operating lease cost

 

$

72,071

 

 

Selling, general and administrative expense

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2022

 

 

Amount

 

 

Classification

Operating lease cost

 

$

214,225

 

 

Selling, general and administrative expense

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

 

 

 

Nine Months Ended September 30, 2022

 

 

Amount

 

 

Classification

Cash paid for amounts included in the
   measurement of lease liabilities:

 

 

 

 

 

Operating cash flows from operating leases

 

$

209,222

 

 

 Net income

 

 

 

 

 

 

Right-of-use assets obtained in exchange
   for lease liabilities:

 

 

 

 

 

Operating leases

 

$

71,901

 

 

 Supplemental cash flow information

Schedule of Future Maturities of Operating Lease Liabilities

As of September 30, 2022, future maturities of our operating lease liabilities are as follows:

 

 

 

Amount

 

For the remaining three months ending December 31, 2022

 

$

72,080

 

Years ending December 31,

 

 

 

2023

 

 

290,877

 

2024

 

 

288,892

 

2025

 

 

294,507

 

2026

 

 

302,011

 

2027

 

 

2,985

 

Total minimum lease payments

 

 

1,251,352

 

Less: imputed interest

 

 

(112,996

)

Total operating lease liability

 

 

1,138,356

 

Less: current portion

 

 

(243,038

)

Long-term portion

 

$

895,318