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Leases
 3 Months Ended
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:

 

   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:

 

  

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:

 

   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:

 

Year Ending December 31,    
2022  $293,595 
2023   303,059 
2024   50,774 
Total lease payments  $647,428