Quarterly report pursuant to Section 13 or 15(d)

Lessee Leases (Tables)

v3.21.2
Lessee Leases (Tables)
9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Schedule of lease costs recognized in consolidated statements of operations

Lease costs recognized in our consolidated statements of operations is summarized as follows:

 

Schedule of lease costs recognized in consolidated statements of operations

    2021     2020     2021     2020  
   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2021     2020     2021     2020  
Operating lease cost included in cost of goods   $ 27,868     $ 35,581     $ 90,569     $ 120,153  
Operating lease cost included in operating costs     13,496       13,846       35,788       41,965  
Total operating lease cost (1)     41,364       49,427       126,357       162,118  
Finance lease cost, included in cost of goods:                                
Amortization of lease assets     41,111       19,349       90,082       50,776  
Interest on lease liabilities     6,765       4,719       18,595       12,689  
Total finance lease cost     47,876       24,068       108,677       63,465  
Short-term lease cost     0       5,980       2,300       23,920  
Total lease cost   $ 89,240     $ 79,475     $ 237,334     $ 249,503  

 

  (1) Right of use asset amortization under operating agreements was $39,006 and $45,707 for the three months ended September 30, 2021 and 2020, respectively. Right of use asset amortization under operating agreements was $106,545 and $141,429 for the nine months ended September 30, 2021 and 2020, respectively.
Schedule of other information about lease amounts recognized in Condensed Consolidated Financial Statements

Other information about lease amounts recognized in our condensed consolidated financial statements is summarized as follows:

 

Schedule of other information about lease amounts recognized in Condensed Consolidated Financial Statements

   

September 30,

2021

   

December 31,

2020

 
Weighted-average remaining lease term – operating leases     0.7       0.93 years  
Weighted-average remaining lease term – finance leases     3.83       3.41 years  
Weighted-average discount rate – operating leases     2.9 %     10.1 %
Weighted-average discount rate – finance leases     4.6 %     8.3 %
Schedule of Finance lease liabilities

Finance lease liabilities were as follows:

 

Schedule of Finance lease liabilities

   

September 30,

2021

   

December 31,

2020

 
Gross finance lease liabilities   $ 566,867     $ 310,685  
Less: imputed interest     (45,448 )     (40,183 )
Present value of finance lease liabilities     521,419       270,502  
Less: current portion     (147,527 )     (79,526 )
Long-term finance lease liabilities   $ 373,892     $ 190,976  
Schedule of operating lease liabilities

Operating lease liabilities were as follows:

 

Schedule of operating lease liabilities

   

September 30,

2021

   

December 31,

2020

 
Gross operating lease liabilities   $ 67,147     $ 146,171  
Less: imputed interest     (2,183 )     (6,863 )
Present value of operating lease liabilities     64,964       139,308  
Less: current portion     (52,587 )     (123,158 )
Long-term operating lease liabilities   $ 12,377     $ 16,150  
Schedule of lease maturities

Lease maturities were as follows:

 

 Schedule of lease maturities

Maturity of lease liabilities            
12 months ending September 30,   Finance leases     Operating leases  
2022   $ 147,527     $ 52,587  
2023     136,233       12,377  
2024     114,082       -  
2025     89,908       -  
2026     33,669       -  
Total     521,419       64,964  
Less: Current maturities     147,527       52,587  
Long-term liability   $ 373,892     $ 12,377