Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases Leases
We have entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from three years to five years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on our consolidated balance sheets and represent our right to use the underlying asset for the lease term. Our obligation to make lease payments is also listed as separate line items on our consolidated balance sheets. As of September 30, 2022 and December 31, 2021, total operating and financed right-of-use assets were $397,850 and $128,589, and $641,306 and $201,902, respectively.
As of September 30, 2022 and 2021, we recorded $73,313 and $237,423, respectively, in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, we use our incremental borrowing rate to determine the present value of the lease payments.

Information related to our operating lease liabilities are as follows:
For the Nine Months Ended September 30,
Cash paid for operating lease liabilities $ 316,597 
Weighted-average remaining lease term 3.2 years
Weighted-average discount rate 6.25  %
Minimum future lease payments ended September 30, 2022
2022 (remainder of the year) $ 97,360 
2023 301,029 
2024 16,236 
2025 5,251 
2026 1,590 
421,466 
Less imputed interest (22,376)
Total lease liabilities $ 399,090 

Information related to our financed lease liabilities are as follows:
For the Nine Months Ended September 30,
Cash paid for finance lease liabilities $ 92,622 
Weighted-average remaining lease term 1.6 years
Weighted-average discount rate 6.25  %
Minimum future lease payments ended September 30, 2022
2022 (remainder of the year) $ 25,276 
2023 84,127 
2024 31,220 
140,623 
Less imputed interest (8,106)
Total lease liabilities $ 132,517 
Leases Leases
We have entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from three years to five years, and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on our consolidated balance sheets and represent our right to use the underlying asset for the lease term. Our obligation to make lease payments is also listed as separate line items on our consolidated balance sheets. As of September 30, 2022 and December 31, 2021, total operating and financed right-of-use assets were $397,850 and $128,589, and $641,306 and $201,902, respectively.
As of September 30, 2022 and 2021, we recorded $73,313 and $237,423, respectively, in amortization expense related to finance leases.

Because the rate implicit in each lease is not readily determinable, we use our incremental borrowing rate to determine the present value of the lease payments.

Information related to our operating lease liabilities are as follows:
For the Nine Months Ended September 30,
Cash paid for operating lease liabilities $ 316,597 
Weighted-average remaining lease term 3.2 years
Weighted-average discount rate 6.25  %
Minimum future lease payments ended September 30, 2022
2022 (remainder of the year) $ 97,360 
2023 301,029 
2024 16,236 
2025 5,251 
2026 1,590 
421,466 
Less imputed interest (22,376)
Total lease liabilities $ 399,090 

Information related to our financed lease liabilities are as follows:
For the Nine Months Ended September 30,
Cash paid for finance lease liabilities $ 92,622 
Weighted-average remaining lease term 1.6 years
Weighted-average discount rate 6.25  %
Minimum future lease payments ended September 30, 2022
2022 (remainder of the year) $ 25,276 
2023 84,127 
2024 31,220 
140,623 
Less imputed interest (8,106)
Total lease liabilities $ 132,517