v3.22.2

LEASES | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2022 | Dec. 31, 2021
OPERATING LEASES |  |
LEASES | NOTE 10 – OPERATING LEASES We were subject to two non-cancelable operating leases for office space which expired March 31, 2022. The leases did not have significant lease escalations, holidays, concessions, leasehold improvements, or other build-out clauses. Further, the leases did not contain contingent rent provisions. Because our lease does not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The weighted average discount rate as of December 31, 2021 was 4.5%. Under ASC 840, rent expense for office facilities for the three months ended March 31, 2022 and March 31, 2021 was $16,812 and $16,689, respectively. The components of our operating lease were as follows for the three months ended March 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ |  | March 31, 2022 |  | March 31, 2021
Operating lease costs | ​ | $ | 4,779 | ​ | $ | 4,779
Variable lease cost | ​ |  | 4,601 | ​ |  | 4,478
Short-term lease cost | ​ |  | 7,432 | ​ |  | 7,432
Total | ​ | $ | 16,812 | ​ | $ | 16,689
​ On March 22, 2022, we signed an extension to our operating lease for office space which begins April 2, 2022 and expires October 2, 2023. The lease does not have significant lease escalations, holidays, concessions, leasehold improvements, or other build-out clauses. Further, the lease does not contain contingent rent provisions. Maturity analysis under this lease extension agreement consists of the following as of March 31, 2022: ​
​ | ​ | ​ | ​
​ |  | Operating
​ | ​ | Leases
2022 | ​ | $ | 18,164
2023 | ​ |  | 14,859
Total lease payments | ​ |  | 33,023
Less: interest | ​ |  | (1,035)
Present value of lease liabilities | ​ | $ | 31,988
​ | NOTE 4—LEASES We are subject to two non-cancelable operating leases for office space expiring March 31, 2022. These leases do not have significant lease escalations, holidays, concessions, leasehold improvements, or other build-out clauses. Further, the leases do not contain contingent rent provisions. The leases do not include options to renew. Because our lease does not provide an implicit rate, we use our incremental borrowing rate in determining the present value of the lease payments. The incremental borrowing rate represents an estimate of the interest rate we would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The weighted average discount rate as of December 31, 2021 was 4.5% and the weighted average remaining lease term is one year. Under ASC 840, rent expense for office facilities for the year ended December 31, 2021 and December 31, 2020 was $66,459 and $66,307, respectively. The components of our operating leases were as follows for the three and twelve months ended December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | Year Ended
​ | ​ | December 31, | ​ | December 31,
​ |  | 2021 |  | 2020
Operating lease costs | ​ | $ | 19,116 | ​ | $ | 19,116
Variable lease cost | ​ |  | 17,613 | ​ |  | 17,461
Short-term lease cost | ​ |  | 29,730 | ​ |  | 29,730
Total | ​ | $ | 66,459 | ​ | $ | 66,307
​ Supplemental balance sheet information consisted of the following at December 31, 2021: ​
​ | ​ | ​ | ​
Operating Lease |  |  | ​
Right-of-use assets | ​ | $ | 4,984
​ | ​ | ​ | ​
Operating Lease Liability | ​ | $ | 5,654
Less: short term portion | ​ |  | (5,654)
Long term portion | ​ | $ | —
​ Maturity analysis under lease agreements consisted of the following as of December 31, 2021: ​
​ | ​ | ​ | ​
​ |  | Operating
​ |  | Leases
2022 | ​ | $ | 5,449
Total lease payments |  | ​ | 5,449
Plus: interest |  | ​ | 205
Present value of lease liabilities | ​ | $ | 5,654
​

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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 http://asc.fasb.org/subtopic&trid=77888251 + Details
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