Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

v3.22.1
Lease Obligations
 3 Months Ended
Mar. 31, 2022
Lease Obligation [Abstract]  
LEASE OBLIGATIONS
M. LEASE OBLIGATIONS:

 

The following is a summary of the Company’s right of use assets and lease liabilities:

 

    March 31,     December 31,  
Operating Leases   2022     2021  
Right-Of-Use Assets   $ 1,019,412     $ 1,094,778  
                 
Lease Liability:                
Right-Of-Use Asset - Office Leases - Current     314,793       310,095  
Right-Of-Use Asset - Office Leases - Non-Current     704,619       784,683  
    $ 1,019,412     $ 1,094,778  

 

Rent expense for the three months ended March 31, 2022 and 2021 totaled $105,502 and $101,531, respectively.

 

The following is a schedule by years of future minimum lease payments:

 

2022   $ 345,474  
2023     338,028  
2024     324,462  
2025     135,740  
2026    
-
  
    $ 1,143,704  

 

As of March 31, 2022, the Company’s operating leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 2%.