LEASES (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| LEASES |
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| Schedule of future lease payments of operating lease and finance lease |
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2022 |
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2023 |
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2024 |
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2025 |
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2026 |
Operating lease payments(1) |
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$ |
174,563 |
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$ |
356,991 |
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$ |
376,855 |
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$ |
384,719 |
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$ |
110,096 |
Financing lease payments(2) |
|
|
223,365 |
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|
438,328 |
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|
372,056 |
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|
99,796 |
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— |
| (1) |
The weighted average discount rate as of June 30, 2022 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $117,889. The weighted average remaining term of operating leases was 3.80 years.
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| (2) |
The weighted average discount rate as of June 30, 2022 for financing leases was 4.00%. Based on this rate, the future lease payments above include imputed interest of $59,058. The weighted average remaining term of financing leases was 2.66 years.
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| Schedule of reconciliation between the undiscounted future cash flows and the operating and financing lease liabilities |
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As of |
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June 30, 2022 |
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December 31, 2021 |
Operating lease liability, current portion |
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$ |
301,339 |
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$ |
290,766 |
Operating lease liability, non-current portion |
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|
983,995 |
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|
1,138,319 |
Operating lease liability, total |
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$ |
1,285,334 |
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$ |
1,429,085 |
Total undiscounted future cash flows |
|
|
1,403,223 |
|
|
1,577,786 |
Imputed interest |
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|
117,889 |
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|
148,701 |
Undiscounted future cash flows less imputed interest |
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$ |
1,285,334 |
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$ |
1,429,085 |
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Financing lease liability, current portion |
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$ |
407,031 |
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$ |
316,514 |
Financing lease liability, non-current portion |
|
|
667,456 |
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|
343,727 |
Financing lease liability, total |
|
$ |
1,074,487 |
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$ |
660,241 |
Total undiscounted future cash flows |
|
|
1,133,545 |
|
|
692,091 |
Imputed interest |
|
|
59,058 |
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|
31,850 |
Undiscounted future cash flows less imputed interest |
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$ |
1,074,487 |
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$ |
660,241 |
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| Schedule of lease cost |
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2022 |
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2021 |
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2022 |
|
2021 |
Operating lease costs |
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$ |
83,590 |
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$ |
84,790 |
|
$ |
167,180 |
|
$ |
356,307 |
Short term lease costs (1) |
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|
581,799 |
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|
1,046,025 |
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|
1,297,602 |
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|
1,938,514 |
Financing lease costs: |
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Amortization of financing lease assets (2) |
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110,850 |
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|
68,625 |
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227,465 |
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|
104,464 |
Interest on lease liabilities (3) |
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|
7,280 |
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|
4,078 |
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|
13,793 |
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|
9,006 |
| (1) |
Amount included in Lease operating expenses |
| (2) |
Amount included in Depreciation, depletion and amortization
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| (3) |
Amount included in Interest expense |
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