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Operating Lease | 9 Months Ended
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Sep. 30, 2022
Operating Lease [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 original lease term was ten years with a right to renew for a second 10-year term and a right of first offer to purchase. At the time we entered into this lease, we were not reasonably assured that we would exercise this renewal option in place of other real estate options. For that reason, a 10-year period was reflected in the right-of-use (ROU) asset and lease liability on our balance sheet. During the third quarter of 2022, we committed to lease an additional 15,400 square feet of space at 165 Industrial Way, which is connected to the original space at 175 Industrial Way, over a 20-year term. The ROU asset and lease liability for the committed space to be leased at 165 Industrial Way will be recorded upon the commencement date of the new lease, which is anticipated around the end of the first quarter of 2023 after construction of the building shell is completed. In connection with the lease commitment for space at 165 Industrial Way, the term of the original lease for 175 Industrial Way was extended by approximately 13 years. The total lease liability over the amended term (including inflationary adjustments) aggregates $2,247,978. Our lease includes variable non-lease components. Such payments primarily include common area maintenance charges. The balance of the operating lease ROU asset was $2,216,236 and the operating lease liability was $2,248,279 as of September 30, 2022. 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. 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. Variable lease cost primarily represents variable payments such as real estate taxes and common area maintenance. The following tables describe our lease costs and other lease information.
|  | During the Three-Month Periods Ended September 30, |  |  | During the Nine-Month Periods Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 30,237 |  |  | $ | 29,499 |  |  | $ | 90,465 |  |  | $ | 88,497 |
Variable lease cost |  |  | 10,350 |  |  |  | 10,350 |  |  |  | 31,050 |  |  |  | 31,050 |
Total lease cost |  | $ | 40,587 |  |  | $ | 39,849 |  |  | $ | 121,515 |  |  | $ | 119,547 |
Operating Lease |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average remaining lease term (in years) |  |  | 20.4 |  |  |  | 8.3 |  |  |  | 20.4 |  |  |  | 8.3 |
Weighted average discount rate |  |  | 5.54 | % |  |  | 4.77 | % |  |  | 5.54 | % |  |  | 4.77 | %
Future lease payments required under non-cancelable operating leases in effect as of September 30, 2022 were as follows:
|  | Amount |
During the three-month period ending December 31, 2022 |  | $ | 30,237 |
During the years ending December 31, |  |  |  |
2023 |  |  | 155,730 |
2024 |  |  | 162,384 |
2025 |  |  | 165,090 |
2026 |  |  | 168,395 |
2027 |  |  | 171,760 |
Thereafter |  |  | 3,049,071 |
Total lease payments (undiscounted cash flows) |  |  | 3,902,667 |
Less: imputed interest (discount effect of cash flows) |  |  | (1,654,388 | )
Total operating liabilities |  | $ | 2,248,279 |

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