Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.22.2.2
LEASES (Tables)
9 Months Ended
Sep. 30, 2022
LEASES  
Schedule of future lease payments of operating lease and finance lease

    

2022

    

2023

    

2024

    

2025

    

2026

Operating lease payments(1)

$

87,282

$

356,991

$

376,855

$

384,719

$

110,096

Financing lease payments(2)

109,582

438,328

372,056

99,796

(1) The weighted average discount rate as of September 30, 2022 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $103,704. The weighted average remaining term of operating leases was 3.55 years.
(2) The weighted average discount rate as of September 30, 2022 for financing leases was 4.00%. Based on this rate, the future lease payments above include imputed interest of $48,667. The weighted average remaining term of financing leases was 2.38 years.
Schedule of reconciliation between the undiscounted future cash flows and the operating and financing lease liabilities

    

As of

    

September 30, 2022

    

December 31, 2021

Operating lease liability, current portion

$

306,715

$

290,766

Operating lease liability, non-current portion

 

905,524

 

1,138,319

Operating lease liability, total

$

1,212,239

$

1,429,085

Total undiscounted future cash flows

 

1,315,943

 

1,577,786

Imputed interest

 

103,704

 

148,701

Undiscounted future cash flows less imputed interest

$

1,212,239

$

1,429,085

Financing lease liability, current portion

$

406,890

$

316,514

Financing lease liability, non-current portion

 

564,205

 

343,727

Financing lease liability, total

$

971,095

$

660,241

Total undiscounted future cash flows

 

1,019,762

 

692,091

Imputed interest

 

48,667

 

31,850

Undiscounted future cash flows less imputed interest

$

971,095

$

660,241

Schedule of lease cost

Three months ended

Nine months ended

September 30, 

September 30, 

    

2022

    

2021

    

2022

    

2021

Operating lease costs

$

83,590

$

83,589

$

250,770

$

439,896

Short term lease costs (1)

639,708

964,873

1,937,310

2,903,387

Financing lease costs:

Amortization of financing lease assets (2)

106,982

85,367

334,447

189,831

Interest on lease liabilities (3)

10,391

5,160

24,184

14,166

(1) Amount included in Lease operating expenses
(2) Amount included in Depreciation, depletion and amortization
(3) Amount included in Interest expense