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LEASES
 3 Months Ended
Mar. 31, 2022
Leases  
LEASES

NOTE 13. LEASES

 

Operating Leases

 

ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. The standard requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease, initially measured at the present value of the lease payments. The Company’s leases consist of operating leases on buildings and office space.

 

In accordance with ASU 2016-02, right-of-use assets are amortized over the life of the underlying leases. Lease expense for the three months ended March 31, 2022 and 2021 was $145,662 and $68,268 respectively. As of March 31, 2022, the weighted average remaining lease term and weighted average discount rate for the operating leases were 4.41 years and 5.77% respectively.

 

Future minimum lease payment under these operating leases consisted of the following:

 

Year ending December 31,  Operating Lease
Obligations		 
2022  $371,025 
2023   439,110 
2024   172,690 
2025   112,923 
2026   113,736 
Thereafter   268,197 
Total undiscounted operating lease payments   1,477,681 
Less: Imputed interest   172,402 
Present value of operating lease liabilities  $1,305,279