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, |
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2022 |
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2021 |
Short-term lease expense |
$ |
175,905 |
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$ |
123,515 |
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Operating lease expense |
297,423 |
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— |
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Total lease expense |
$ |
473,328 |
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$ |
123,515 |
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Lease right of use assets consisted of the following:
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March 31, 2022 |
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December 31, 2021 |
Operating leases |
$ |
4,040,010 |
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$ |
1,538,852 |
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Finance leases |
5,972,505 |
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— |
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Total lease right-of-use assets |
$ |
10,012,515 |
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$ |
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, |
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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 |
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$ |
— |
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Operating cash outflows from finance leases (interest payments) |
120,727 |
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— |
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Financing cash outflows from finance leases |
64,934 |
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— |
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Leased assets obtained in exchange for finance lease liabilities |
2,614,533 |
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— |
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Leased assets obtained in exchange for operating lease liabilities |
6,022,694 |
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— |
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