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LEASES | 9 Months Ended
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Sep. 30, 2022
LEASES |
LEASES | NOTE 13 – LEASES The Company has various lease agreements with terms up to 10 years, comprising leases of office space, cars leases for the distribution of pharmaceutical products, equipment hires, etc. Some leases include options to purchase, terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The assets and liabilities from operating and finance leases are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates or implicit rates, when readily determinable. Short-term leases, which have an initial term of 12 months or less, are not recorded on the balance sheet. The Company’s operating leases do not provide an implicit rate that can readily be determined. Therefore, we use a discount rate based on our incremental borrowing rate, which is determined using the interest rate of our long-term debt on the date of inception. Operating Leases The Company’s weighted-average remaining lease term relating to its operating leases is 5.62 years, with a weighted-average discount rate of 6.74%. The Company incurred lease expense for its operating leases of $158,407 and $196,115 which was included in “General and administrative expenses,” for the nine months ended September 30, 2022 and 2021, respectively. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of September 30, 2022.
Maturity of Lease Liability: |  |  |
Remainder of 2022 |  | $ | 48,395 |
2023 |  |  | 193,582 |
2024 |  |  | 193,582 |
2025 |  |  | 127,009 |
2026 |  |  | 93,721 |
Thereafter |  |  | 257,538 |
Total undiscounted operating lease payments |  | $ | 913,827 |
Less: Imputed interest |  |  | (153,649 | )
Present value of operating lease liabilities |  |  | 760,178 |
Finance leases The Company’s weighted-average remaining lease term relating to its finance leases is 1.09 years, with a weighted-average discount rate of 6.74%. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s finance leases as of September 30, 2022.
Maturity of Lease Liability |  |  |
Remainder of 2022 |  | $ | 25,931 |
2023 |  |  | 95,787 |
2024 |  |  | 81,047 |
2025 |  |  | 54,516 |
2026 |  |  | 29,844 |
Thereafter |  |  | 9,359 |
Total undiscounted finance lease payments |  | $ | 296,484 |
Less: Imputed interest |  |  | (31,040 | )
Present value of finance lease liabilities |  | $ | 265,444 |
The Company incurred interest expense on its finance leases of $11,645 which was included in “Interest expense,” for the nine months ended September 30, 2022. The Company incurred amortization expense on its finance leases of $60,935 which was included in “Depreciation and amortization expense,” for the nine months ended September 30, 2022. The total cash used for the Company’s finance leases for the nine months ended September 30, 2022 amounted to $65,263.

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