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OPERATING LEASE RIGHT-OF-USE ASSETS

9 Months Ended

Sep. 30, 2022

OPERATING LEASE RIGHT-OF-USE ASSETS

OPERATING LEASE RIGHT-OF-USE ASSETS

NOTE 17 – OPERATING LEASE RIGHT-OF-USE ASSETS

The Company’s right-of-use assets represent arrangements related primarily to office facilities used in the ordinary business operations of the Company and its subsidiaries. In April, 2018, a commercial bank issued an irrevocable standby letter of credit on behalf of the Company to the landlord for $1,075,000 to lease office space. The standby letter of credit was valid for a one-year term and was amended in January 2021 to extend to January 31, 2026. As of September 30, 2022 and December 31, 2021 the Company’s net operating lease right-of-use assets amounted to $3,887,326 and $5,100,912, respectively. During the nine months ended September 30, 2022, the Company terminated one of its lease contracts and had a second expire. One of the Company’s lease contracts resulted in a gain on the lease termination of $122,533. There were no such terminations during the year ended December 31, 2021. The effects of the termination and expiration of the Company’s lease contracts on the related lease asset and liability were as follows:


		Right of Use			Accumulated			Lease Liability						Gain on
		Asset			Amortization			Current			Long Term			Termination
Lease Terminations		$	(1,301,571)		$	907,370		$	442,704		$	74,030		$	122,533