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Finance and Operating Leases
 12 Months Ended
Dec. 31, 2022
Finance And Operating Leases  
Finance and Operating Leases

12. Finance and Operating Leases

 

The Company leases offices and motor vehicles. The leases are for periods of two to five years.

 

The Company recognized the following total lease cost related to the Company’s lease arrangements:

 

Schedule of Lease Cost 

   2022   2021 
Finance lease and operating lease costs   99,823    127,459 
Expenses relating to short-term leases   19,892    13,698 
Total lease cost  $119,715   $141,157 

 

During the year ended December 31, 2022, the Company entered into (i) a lease for the rental of property and recognized right-of-use assets and lease liabilities of approximately $55,000 which was terminated during the year ended December 31, 2022, and (ii) a lease for the rental of property and recognized right-of-use assets and lease liabilities of approximately $370,000.

 

As of December 31, 2022, the Company’s remaining lease payments are as follows:

 

 

   Leases 
2023  $133,161 
2024   133,161 
2025   102,090 
Total remaining lease payments (undiscounted)   368,412 
Less: imputed interest   15,241 
Present value of lease liabilities  $353,171 

 

Supplemental balance sheet information related to leases:

 

   Classification  2022   2021 
      As of December 31, 
   Classification  2022   2021 
Assets:           
Operating lease assets  Right-of-use lease assets  $341,625   $155,323 
Operating leases             
Lease Liability - current  Current liabilities – lease liabilities  $124,095   $72,730 
Lease liability – non-current  Non-current liabilities – lease liabilities  $229,076   $49,656 

 

Other information related to leases for the years ended December 31, 2022 and 2021:

 

   2022   2021 
Weighted-average remaining lease term (years) - operating leases   2.8    1.7 
Weighted-average discount rate - operating leases   3.2%   2.9%
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows from finance leases  $-   $11,551 
Operating cash flows from operating leases  $83,859   $101,134