Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

v3.22.2.2
Lease Obligations
 9 Months Ended
Sep. 30, 2022
Disclosure Text Block [Abstract]  
LEASE OBLIGATIONS
N. LEASE OBLIGATIONS:

 

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

 

    September 30,     December 31,  
Operating Leases   2022     2021  
Right-Of-Use Assets   $ 864,050     $ 1,094,778  
                 
Lease Liability:                
Right-Of-Use Asset - Office Leases - Current     324,309       310,095  
Right-Of-Use Asset - Office Leases - Non-Current     539,741       784,683  
    $ 864,050     $ 1,094,778  

 

Rent expense for the nine months ended September 30, 2022 and 2021 totaled $333,072 and $292,023, respectively.

 

The following is a schedule by years of future minimum lease payments for the twelve months ended September 30,:

 

2023   $ 349,412  
2024     323,584  
2025     191,054  
2026     -  
2027     -  
    $ 864,050  

 

As of September 30, 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%.