Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.22.1
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Summary of Other Balance Sheet Information Related to Operating Leases

Other Balance Sheet information related to operating leases was as follows:

 

 

December 31,

 

 

2021

 

 

2020

 

 

 

 

 

 

 

Operating leases, Right-of-use assets, net

$

767,382

 

 

$

-

 

Weighted average remaining lease term, in years

 

5

 

 

 

 

Weighted Average Discount Rate

 

5

%

 

 

-

 

 

 

 

 

 

 

The following table presents the balance of Operating lease obligations:

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities (current)

$

168,482

 

 

$

-

 

Operating lease liabilities (long-term)

$

598,900

 

 

$

-

 

Total operating lease liabilities

$

767,382

 

 

$

-

 

Schedule of Future Minimum Payments Required under Lease Agreement

Future minimum payments required under the lease agreements as of December 31, 2021 follows:

 

2022

 

$

236,439

 

2023

 

 

242,830

 

2024

 

 

249,278

 

2025

 

 

116,309

 

2026

 

 

29,604

 

Total lease payments

 

$

874,460

 

Less: imputed interest

 

 

107,078

 

Present value of lease liabilities

 

$

767,382