Quarterly report pursuant to Section 13 or 15(d)

FINANCE LEASE OBLIGATIONS

v3.22.1
FINANCE LEASE OBLIGATIONS
3 Months Ended
Mar. 31, 2022
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 unaudited condensed consolidated balance sheets. The weighted average interest rate as of March 31, 2022 was 9.4% and the following weighted-average lease term:

 

   

March 31, 2022

   

December 31, 2021

 

Weighted average remaining lease term

    2.00       2.10  

 

At March 31, 2022 future payments under finance leases are as follows:

 

   

March 31, 2022

 

Remainder of 2022

  $ 124,764  

2023

    137,370  

2024

    61,600  

Total minimum lease payments

    323,734  

Less amounts representing interest

    (27,868

)

Present value of net minimum lease payments

    295,866  

Less current portion

    (143,569

)

Long-term finance lease obligation

  $ 152,297