Annual report pursuant to Section 13 and 15(d)

FINANCE LEASE OBLIGATIONS

v3.22.1
FINANCE LEASE OBLIGATIONS
12 Months Ended
Dec. 31, 2021
Disclosure Text Block [Abstract]  
Lessee, Finance Leases [Text Block]

NOTE 7 FINANCE LEASE OBLIGATIONS

 

The Company has entered into lease commitments for equipment that meet the requirements for capitalization. The equipment has been capitalized and is included in property and equipment in the accompanying consolidated balance sheets. The related obligations are based upon the present value of the future minimum lease payments with the following:

 

   

December 31, 2021

   

December 31, 2020

 

Weighted average remaining lease terms

    2.10       1.31  

Weighted average interest rates

    7.9

%

    5.6

%

 

At December 31, 2021, future payments under finance leases are as follows:

 

2022

  $ 188,314  

2023

    137,370  

2024

    61,607  

Total minimum lease payments

    387,291  

Less amounts representing interest

    (34,436

)

Present value of net minimum lease payments

    352,855  

Less current portion

    (166,571

)

Long-term capital lease obligation

  $ 186,284