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Leases | 3 Months Ended
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Mar. 31, 2022
Leases |
Leases | Note 9 – Leases The Company leases its 20,945 square foot operating and office facility under a non-cancelable real property lease agreement that expires on August 31, 2025, with two five-year options to extend, at a monthly lease term of $10,036, with approximately a 3% annual escalation of lease payments commencing September 15, 2021, subject to the ASU 2016-02. In the locations in which it is economically feasible to continue to operate, management expects to enter into a new lease upon expiration. The operating and office facility lease contains provisions requiring payment of property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premise. As the Company’s leases do not provide implicit discount rates, the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The components of lease expense were as follows:
Schedule of components of lease expense |  |  |
|  | For the Three |
|  | Months Ended |
|  | March 31, |
|  | 2022 |
Operating lease cost: |  |  |  |
Fixed rent expense |  | $ | 36,720 |
Supplemental balance sheet information related to leases was as follows:
Schedule of supplemental balance sheet information |  |  |
|  | March 31, |
|  | 2022 |
Operating leases: |  |  |  |
Operating lease assets |  | $ | 1,312,439 |
Current portion of operating lease liabilities |  | $ | 47,569 |
Noncurrent operating lease liabilities |  |  | 1,341,358 |
Total operating lease liabilities |  | $ | 1,388,927 |
Weighted average remaining lease term: |  |  |  |
Operating leases |  |  | 13.75 years |
Weighted average discount rate: |  |  |  |
Operating leases |  |  | 5.75% |
Supplemental cash flow and other information related to leases was as follows:
Schedule of supplemental cash flow and other information |  |  |
|  | For the Three |
|  | Months Ended |
|  | March 31, |
|  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows used for operating leases |  | $ | 10,941 |
Leased assets obtained in exchange for lease liabilities: |  |  |  |
Total operating lease liabilities |  | $ | 1,431,463 |
The future minimum lease payments due under operating leases as of March 31, 2022 was as follows:
Schedule of future minimum lease payments |  |  |
Fiscal Year Ending |  | Minimum Lease |
December 31, |  | Commitments |
2022 (for the nine months remaining) |  | $ | 94,275 |
2023 |  |  | 129,046 |
2024 |  |  | 132,917 |
2025 |  |  | 136,905 |
2026 and thereafter |  |  | 1,554,000 |
Total |  | $ | 2,047,143 |
Less effects of discounting |  |  | 658,216 |
Lease liability recognized |  | $ | 1,388,927 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
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