Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

v3.22.2.2
Lease Obligations
 6 Months Ended
Jun. 30, 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:

 

    June 30,     December 31,  
Operating Leases   2022     2021  
Right-Of-Use Assets   $ 942,728     $ 1,094,778  
                 
Lease Liability:                
Right-Of-Use Asset - Office Leases - Current     319,532       310,095  
Right-Of-Use Asset - Office Leases - Non-Current     623,196       784,683  
    $ 942,728     $ 1,094,778  

 

Rent expense for the six months ended June 30, 2022 and 2021 totaled $218,591 and $189,695, respectively.

 

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

 

2023   $ 347,444  
2024     330,805  
2025     264,153  
2026     -  
2027     -  
    $ 942,402  

 

As of June 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%.