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v3.22.2.2

Leases | 9 Months Ended
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Sep. 30, 2022
Leases |
Leases | 6. Leases The Company leases consist primarily of leases for office and warehouse space. For leases with terms greater than twelve months, the related asset and obligation are recorded at the present value of the lease payments over the term. Many of these leases contain rental escalation clauses which are factored into the determination of the lease payments when appropriate. When available, the lease payments are discounted using the rate implicit in the lease; however, the Company’s current leases do not provide a readily determinable implicit rate. Therefore, the Company’s incremental borrowing rate is estimated to discount the lease payments based on information available at the lease commencement. These leases contain both lease and non-lease components, which the Company has elected to treat as a single lease component. The Company elected not to recognize leases that have an original lease term, including reasonably certain renewal or purchase obligations, of twelve months or less in its condensed consolidated balance sheets for all classes of underlying assets. Lease costs for such short-term leases are expensed on a straight-line basis over the lease term. The land used by the Company to operate its seawater desalination plants in the Cayman Islands and The Bahamas is owned by the Company or leased to the Company for immaterial annual amounts and are not included in the lease amounts presented in the condensed consolidated balance sheets. All lease assets denominated in a foreign currency are measured using the exchange rate at the commencement of the lease. All lease liabilities denominated in a foreign currency are remeasured using the exchange rate as of the condensed consolidated balance sheet date. Lease assets and liabilities The following table presents the lease-related assets and liabilities and their respective classification on the condensed consolidated balance sheets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31 | ​
​ | ​ | 2022 | ​ | 2021 | ​
ASSETS |  | ​ | ​ | ​ |  | ​
Current |  | ​ |  | ​ | ​ |  | ​
Prepaid expenses and other current assets | ​ | $ | 53,097 | ​ | $ | — | ​
Current assets of discontinued operations | ​ | ​ | — | ​ | ​ | 2,654 | ​
Noncurrent | ​ |  | ​ | ​ |  | ​ | ​
Operating lease right-of-use assets | ​ |  | 2,179,159 | ​ |  | 2,681,137 | ​
Long-term assets of discontinued operations | ​ | ​ | 10,286 | ​ | ​ | 16,898 | ​
Total lease right-of-use assets | ​ | $ | 2,242,542 | ​ | $ | 2,700,689 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  |  | ​ |  |  | ​ |
Current |  | ​ |  | ​ | ​ |  | ​
Current maturities of operating leases | ​ | $ | 555,300 | ​ | $ | 592,336 | ​
Current liabilities of discontinued operations | ​ | ​ | 8,058 | ​ | ​ | 11,195 | ​
Noncurrent | ​ |  | ​ | ​ |  | ​ | ​
Noncurrent operating leases | ​ | ​ | 1,721,643 | ​ | ​ | 2,137,394 | ​
Noncurrent liabilities of discontinued operations | ​ |  | 691 | ​ |  | 7,819 | ​
Total lease liabilities | ​ | $ | 2,285,692 | ​ | $ | 2,748,744 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term: | ​ |  |  | ​ |  |  | ​
Operating leases | ​ |  | 6.7 years | ​ |  | 7.0 years | ​
Operating leases - discontinued operations | ​ | ​ | 1.1 years | ​ | ​ | 1.6 years | ​
​ | ​ |  | ​ | ​ |  | ​ | ​
Weighted average discount rate: | ​ |  | ​ | ​ |  | ​ | ​
Operating leases | ​ |  | 5.08% | ​ |  | 5.03% | ​
Operating leases - discontinued operations | ​ | ​ | 4.96% | ​ | ​ | 4.77% | ​
​ The components of lease costs were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, |  | ​ | Nine Months Ended September 30,
​ | ​ | 2022 | ​ | 2021 | ​ | ​ | 2022 | ​ | 2021
Operating lease costs | ​ | $ | 168,910 | ​ | $ | 165,899 | ​ | ​ | $ | 523,107 | ​ | $ | 518,524
Short-term lease costs | ​ |  | 25,345 | ​ | ​ | 24,781 | ​ | ​ |  | 75,629 | ​ | ​ | 54,541
Lease costs - discontinued operations | ​ | ​ | 10,185 | ​ | ​ | 7,684 | ​ | ​ | ​ | 29,767 | ​ | ​ | 22,571
Total lease costs | ​ | $ | 204,440 | ​ | $ | 198,364 | ​ | ​ | $ | 628,503 | ​ | $ | 595,636
​ Supplemental cash flow information related to leases is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended September 30,
​ | ​ | 2022 | ​ | 2021
Cash paid for amounts included in measurement of liabilities: |  | ​ |  | ​ | ​ | ​
Operating cash outflows for operating leases | ​ | $ | 582,044 | ​ | $ | 541,054
Operating cash outflows for operating leases - discontinued operations | ​ | ​ | 6,923 | ​ | ​ | 24,007
​ Future lease payments relating to the Company’s operating lease liabilities from continuing operations as of September 30, 2022 were as follows: ​
​ | ​ | ​ | ​
Years ending December 31, |  | Total
2022 | ​ | $ | 167,692
2023 | ​ |  | 643,233
2024 | ​ |  | 390,630
2025 | ​ |  | 268,056
2026 | ​ | ​ | 227,542
Thereafter | ​ |  | 1,007,877
Total future lease payments | ​ |  | 2,705,030
Less: imputed interest | ​ |  | (428,087)
Total lease obligations | ​ |  | 2,276,943
Less: current obligations | ​ |  | (555,300)
Noncurrent lease obligations | ​ | $ | 1,721,643
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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