SCHEDULE OF LEASE COST |
The
table below presents the lease costs for the three and six months ended June 30, 2022 and 2021:
SCHEDULE OF LEASE COST
| |
| | | |
| | | |
| | | |
| | |
| |
Three
Months Ended | | |
Six
Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Operating
lease cost | |
$ | 288,134 | | |
$ | 396,492 | | |
$ | 575,804 | | |
$ | 792,544 | |
| |
| | | |
| | | |
| | | |
| | |
Finance
lease cost: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Amortization
of right-of-use assets | |
| 39,706 | | |
| 45,912 | | |
| 84,174 | | |
| 91,824 | |
Interest
on lease liabilities | |
| 6,785 | | |
| 8,933 | | |
| 14,097 | | |
| 18,421 | |
| |
| | | |
| | | |
| | | |
| | |
Total
lease cost | |
$ | 334,625 | | |
$ | 451,337 | | |
$ | 674,075 | | |
$ | 902,789 | |
|
SCHEDULE OF OTHER INFORMATION RELATED TO LEASES |
The
following table presents other information related to leases:
SCHEDULE OF OTHER INFORMATION RELATED TO LEASES
| |
| | | |
| | | |
| | | |
| | |
| |
Three
Months Ended | | |
Six
Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Cash
paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | | |
| | | |
| | |
Operating
cash flows used for operating leases | |
$ | 262,004 | | |
$ | 375,911 | | |
$ | 525,620 | | |
$ | 751,822 | |
Financing
cash flows used for financing leases | |
| 45,499 | | |
| 52,427 | | |
| 95,160 | | |
| 104,854 | |
Assets
obtained in exchange for operating lease liabilities | |
| - | | |
| - | | |
| - | | |
| - | |
Assets
obtained in exchange for finance lease liabilities | |
| - | | |
| - | | |
| - | | |
| - | |
Weighted average
remaining lease term: | |
| | | |
| | | |
| | | |
| | |
Operating
leases | |
| 8.6
years | | |
| 8.6
years | | |
| 8.6
years | | |
| 8.6
years | |
Finance
leases | |
| 3.9
years | | |
| 4.6
years | | |
| 3.9
years | | |
| 4.6
years | |
Weighted average
discount rate: | |
| | | |
| | | |
| | | |
| | |
Operating
leases | |
| 5.60 | % | |
| 5.56 | % | |
| 5.60 | % | |
| 5.56 | % |
Finance
leases | |
| 5.16 | % | |
| 5.16 | % | |
| 5.16 | % | |
| 5.16 | % |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS REQUIRED UNDER OPERATING AND FINANCING LEASE OBLIGATIONS |
The
future minimum lease payments required under operating and financing lease obligations as of June 30, 2022 having initial or remaining
non-cancelable lease terms in excess of one year are summarized as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS REQUIRED UNDER OPERATING AND FINANCING LEASE OBLIGATIONS
| |
Operating
Leases | | |
Finance
Leases | | |
Total | |
| |
| | |
| | |
| |
Remainder
of 2022 | |
$ | 443,807 | | |
$ | 70,342 | | |
$ | 514,149 | |
2023 | |
| 878,807 | | |
| 139,080 | | |
| 1,017,887 | |
2024 | |
| 870,000 | | |
| 139,080 | | |
| 1,009,080 | |
2025 | |
| 870,000 | | |
| 139,080 | | |
| 1,009,080 | |
2026 | |
| 870,000 | | |
| 68,395 | | |
| 938,395 | |
Thereafter | |
| 3,552,500 | | |
| - | | |
| 3,552,500 | |
| |
| | | |
| | | |
| | |
Total
undiscounted lease liabilities | |
| 7,485,114 | | |
| 555,977 | | |
| 8,041,091 | |
Less:
imputed interest | |
| (1,522,194 | ) | |
| (54,419 | ) | |
| (1,576,613 | ) |
| |
| | | |
| | | |
| | |
Net
lease liabilities | |
$ | 5,962,920 | | |
$ | 501,558 | | |
$ | 6,464,478 | |
|