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v3.22.1

Leases | 3 Months Ended
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Mar. 31, 2022
Leases |
Leases | Note 11 – Leases The Company leases office space under a non-cancelable operating lease and leases cancellable with one month notice. The Company expenses the cancellable leases in the period incurred in accordance with the practical expedient elected. As such, one lease makes up the entirety of the right-of-use asset and lease liability disclosed. For the three months ended March 31, 2022, components of lease expense are summarized as follows: Schedule of Lease Expense
|  | Three Months Ended March 31, 2022 |
Operating lease costs |  | $ | 86,588 |
Short-term lease costs |  |  | 76,080 |
Total lease costs |  | $ | 162,668 |
Short-term lease costs under month-to-month lease agreements are paid to related parties. As of March 31, 2022, the maturities of the Company’s lease liabilities are as follows: Schedule of Maturities on Company Lease Liabilities
|  | Year Ending December 31, |
2022 (remainder) |  | $ | 221,350 |
2023 |  |  | 303,059 |
2024 |  |  | 50,774 |
2025 |  |  | - |
2026 |  |  | - |
Thereafter |  |  | - |
Total lease payments |  |  | 575,183 |
Less: imputed interest |  |  | 16,212 |
Present value of operating lease liabilities |  |  | 558,971 |
Less: current portion |  |  | 283,299 |
Long-term portion |  | $ | 275,672 |
Other information related to operating leases was as follows: Schedule of Other Information Related to Operating Lease
|  | Three Months Ended March 31, 2022 |
Cash paid for operating leases included in operating cash flows |  | $ | 154,882 |
Remaining lease term of operating leases |  |  | 2 years |
Discount rate of operating leases |  |  | 3.1 | %
As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021, future lease payments under ASC 840 for operating leases were as follows: Schedule of Future Minimum Lease Payments
Year Ending December 31, |  |  |
2022 |  | $ | 293,595 |
2023 |  |  | 303,059 |
2024 |  |  | 50,774 |
Total lease payments |  | $ | 647,428 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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