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v3.22.2.2

LEASES (Tables) | 9 Months Ended
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Sep. 30, 2022
LEASES [Abstract] |
Supplemental Cash Flow Information and Non-Cash Activity Related to Leases | Supplemental cash flow information and non-cash activity related to leases for the nine months ended September 30, 2022 and 2021 were as follows:
|  | For the Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |
Cash used in operating leases |  | $ | 236,832 |  |  | $ | 211,077 |
ROU assets obtained in exchange for new operating lease liabilities |  | $ | 39,791 |  |  | $ | 1,082,684 |
ROU Lease Assets and Lease Liabilities | ROU lease assets and lease liabilities for the Company’s operating leases were recorded in the condensed consolidated balance sheet as follows:
|  | September 30, 2022 |  |  | December 31, 2021 |
Right of use assets, net |  | $ | 706,272 |  |  | $ | 859,637 |
Short-term operating lease liabilities |  | $ | 265,474 |  |  | $ | 247,325 |
Long-term operating lease liabilities |  |  | 444,996 |  |  |  | 611,523 |
Total lease liabilities |  | $ | 710,470 |  |  | $ | 858,848 |
Weighted average remaining lease term (in years) |  |  | 2.60 |  |  |  | 3.32 |
Weighted average discount rate |  |  | 8.5% |  |  |  | 8.5% |
Components of Lease Expenses | The components of lease expense were as follows for each of the periods presented:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating lease expense |  | $ | 84,262 |  |  | $ | 81,936 |  |  | $ | 241,824 |  |  | $ | 191,182 |
Short-term lease expense |  | $ | 55,965 |  |  | $ | 19,393 |  |  | $ | 174,374 |  |  | $ | 62,916 |
Total operating lease costs |  | $ | 140,227 |  |  | $ | 101,329 |  |  | $ | 416,198 |  |  | $ | 254,098 |
Future Lease Payments Included in Measurement of Lease Liabilities | Future lease payments included in the measurement of lease liabilities on the condensed consolidated balance sheet as of September 30, 2022, for the following five fiscal years and thereafter were as follows:
|  | September 30, 2022 |
2022 (Remaining) |  | $ | 82,598 |
2023 |  |  | 308,594 |
2024 |  |  | 302,123 |
2025 |  |  | 85,726 |
2026 |  |  | 14,287 |
Total future minimum lease payments |  | $ | 793,328 |
Less imputed interest |  |  | (82,858 | )
Total |  | $ | 710,470 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123406913&loc=d3e41499-112717 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=124440162&loc=d3e12069-110248 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123406913&loc=d3e41502-112717 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123389372&loc=d3e36991-112694 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 3) -URI https://asc.fasb.org/extlink&oid=123403562&loc=d3e38371-112697 + Details
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- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
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