|3 Months Ended|
Mar. 31, 2022
NOTE 11 – LEASES
The components of lease cost for operating leases for the three months ended March 31, 2022 and 2021 were as follows:
Supplemental cash flow information related to leases for the three months ended March 31, 2022, was as follows:
The following table summarizes the lease-related assets and liabilities recorded on the balance sheet at March 31, 2022 and December 31, 2021:
The Company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. The Company recognized an initial right of use asset and lease liability of $143,540 for leases entered into during the three months ended March 31, 2022.
The following table provides the maturities of lease liabilities at March 31, 2022:
Note that amounts above include future payments for a lease signed as of December 31, 2021 related to a facility to be constructed in Liberty Hill, Texas by an entity associated with the Company’s founders (see Note 6)
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef