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Lease expense for operating leases is recognized on a straight-line basis over the lease term as cost of sales or operating expenses depending on the nature of the leased asset.
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|
Three Months Ended March 31, |
|
2022 |
|
2021 |
| Short-term lease expense |
$ |
175,905 |
|
|
$ |
123,515 |
|
| Operating lease expense |
297,423 |
|
|
— |
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| Total lease expense |
$ |
473,328 |
|
|
$ |
123,515 |
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Lease right of use assets consisted of the following:
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March 31, 2022 |
|
December 31, 2021 |
| Operating leases |
$ |
4,040,010 |
|
|
$ |
1,538,852 |
|
| Finance leases |
5,972,505 |
|
|
— |
|
| Total lease right-of-use assets |
$ |
10,012,515 |
|
|
$ |
1,538,852 |
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Supplemental cash flow information related to leases where we are the lessee is as follows:
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Three Months Ended March 31, |
|
2022 |
|
2021 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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|
|
| Operating cash outflows from operating leases |
$ |
297,423 |
|
|
$ |
— |
|
| Operating cash outflows from finance leases (interest payments) |
120,727 |
|
|
— |
|
| Financing cash outflows from finance leases |
64,934 |
|
|
— |
|
| Leased assets obtained in exchange for finance lease liabilities |
2,614,533 |
|
|
— |
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| Leased assets obtained in exchange for operating lease liabilities |
6,022,694 |
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— |
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