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Operating Lease | 6 Months Ended
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Jun. 30, 2023
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 at 165 Industrial Way was recorded as of April 1, 2023. Monthly lease payments commence as of August 1, 2023. 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 $4,340,577 as of April 1, 2023. Our lease includes variable non-lease components. Such payments primarily include common area maintenance charges. As of June 30, 2023, the balance of the operating lease ROU asset was $4,284,968 and the operating lease liability was $4,368,381. As of December 31, 2022, the balance of the operating lease ROU asset was $2,194,670 and the operating lease liability was $2,249,182. 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 June 30, |  |  | During the Six-Month Periods Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 98,714 |  |  | $ | 30,237 |  |  | $ | 146,240 |  |  | $ | 60,228 |
Variable lease cost |  |  | 9,720 |  |  |  | 10,350 |  |  |  | 17,334 |  |  |  | 20,700 |
Total lease cost |  | $ | 108,434 |  |  | $ | 40,587 |  |  | $ | 163,574 |  |  | $ | 80,928 |
Operating Lease |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for operating lease liabilities |  | $ | 30,993 |  |  | $ | 29,499 |  |  | $ | 61,734 |  |  | $ | 58,998 |
Weighted average remaining lease term (in years) |  |  | 19.6 |  |  |  | 7.6 |  |  |  | 19.6 |  |  |  | 7.6 |
Weighted average discount rate |  |  | 6.3 | % |  |  | 4.77 | % |  |  | 6.3 | % |  |  | 4.77 | %
Future lease payments required under non-cancelable operating leases in effect as of June 30, 2023 were as follows:
|  | Amount |
During the six-month period ending December 31, 2023 |  | $ | 154,057 |
During the years ending December 31, |  |  |  |
2024 |  |  | 337,260 |
2025 |  |  | 342,880 |
2026 |  |  | 349,744 |
2027 |  |  | 356,732 |
Thereafter |  |  | 6,313,358 |
Total lease payments (undiscounted cash flows) |  |  | 7,854,031 |
Less: imputed interest (discount effect of cash flows) |  |  | (3,485,650 | )
Total operating liabilities |  | $ | 4,368,381 |

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