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Operating Lease | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
OPERATING LEASE | 12. OPERATING LEASE On September 12, 2019, we entered into a lease covering approximately 14,300 square feet of office and warehouse space with a Possession Date of November 15, 2019 and a Commencement Date of February 13, 2020. The property is located at 175 Industrial Way in Portland, which is a short distance from our headquarters and manufacturing facility at 56 Evergreen Drive. We renovated this space to meet our needs in expanding our production capacity for the First Defense® product line. The lease term is 10 years with a right to renew for a second 10-year term and a right of first offer to purchase. At this time, we are not reasonably assured that we would exercise this renewal option in place of other real estate options. A 10-year period is reflected in the right-of-use (ROU) asset and lease liability on our balance sheet. The total lease liability over the initial 10-year term (including inflationary adjustments) aggregates approximately $1,313,698 and includes real estate and personal property taxes, utilities, insurance, maintenance and related building and operating expenses. Our lease includes variable lease and non-lease components that are included in the ROU asset and lease liability. Such payments primarily include common area maintenance charges and increases in rent payments that are driven by factors such as future changes in an index, such as the Consumer Price Index. As of September 30, 2021, the balance of the operating lease ROU asset was $1,136,940 and the operating lease liability was $1,160,297. The calculated amount of the ROU asset and lease liability is impacted by the length of the lease term and the discount rate used for the present value of the minimum lease payments. The following table represents lease costs and other lease information. As we elected not to separate lease and non-lease components for all classes of underlying assets, and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as real estate taxes and common area maintenance.
|  | During the Three-Month Periods Ended September 30, |  |  | During the Nine-Month Periods Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 29,499 |  |  | $ | 29,499 |  |  | $ | 88,497 |  |  | $ | 74,595 |
Variable lease cost |  |  | 10,350 |  |  |  | 10,350 |  |  |  | 31,050 |  |  |  | 26,172 |
Total lease cost |  | $ | 39,849 |  |  | $ | 39,849 |  |  | $ | 119,547 |  |  | $ | 100,767 |
Operating Lease |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average remaining lease term (in years) |  |  | 8.3 |  |  |  | 9.3 |  |  |  | 8.3 |  |  |  | 9.3 |
Weighted average discount rate |  |  | 4.77 | % |  |  | 4.77 | % |  |  | 4.77 | % |  |  | 4.77 | %
Future lease payments required under non-cancelable operating leases in effect as of September 30, 2021 were as follows:
|  | Amount |
During the Three-Month Period Ending December 31, 2021 |  | $ | 39,849 |
During the Years Ending December 31, |  |  |  |
2022 |  |  | 162,102 |
2023 |  |  | 165,120 |
2024 |  |  | 168,210 |
2025 |  |  | 171,383 |
2026 |  |  | 174,640 |
Thereafter |  |  | 559,664 |
Total lease payments (undiscounted cash flows) |  |  | 1,440,968 |
Less: imputed interest (discount effect of cash flows) |  |  | (280,671 | )
Total operating lease liabilities |  | $ | 1,160,297 |

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