| RIGHT-OF-USE ASSETS & LEASE LIABILITIES |
8. RIGHT-OF-USE ASSETS & LEASE LIABILITIES
Information related to operating and finance leases is as follows:
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December 31, 2021 |
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December 31, 2020 |
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Operating Leases |
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Finance Leases |
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Operating Leases |
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Finance Leases |
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Weighted average discount rate |
|
12.66 |
% |
11.76 |
% |
11.19 |
% |
14.85 |
% |
Weighted average remaining lease term |
|
14.01 yrs |
|
2.81 yrs |
|
10.94 yrs |
|
4.00 yrs |
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The maturity of the contractual undiscounted lease liabilities as of December 31, 2021, are as follows:
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Operating Leases |
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Finance Leases |
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Total |
2022 |
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$ |
20,572,720 |
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$ |
5,301,840 |
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$ |
25,874,560 |
2023 |
|
|
20,969,868 |
|
|
5,248,585 |
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|
26,218,453 |
2024 |
|
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20,501,183 |
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|
3,755,537 |
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|
24,256,720 |
2025 |
|
|
19,900,712 |
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|
316,545 |
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|
20,217,257 |
2026 |
|
|
19,250,040 |
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|
40,221 |
|
|
19,290,261 |
2027 and beyond |
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|
189,752,775 |
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|
— |
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|
189,752,775 |
Total undiscounted lease liabilities |
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$ |
290,947,298 |
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$ |
14,662,728 |
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$ |
305,610,026 |
Impact of discounting |
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|
(198,984,593) |
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(2,071,066) |
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|
(201,055,659) |
Total present value of minimum lease payments |
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$ |
91,962,705 |
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$ |
12,591,662 |
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$ |
104,554,367 |
Payments related to capitalized leases during the years ended December 31, 2021 and 2020, are as follows:
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Year Ended |
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December 31, 2021 |
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December 31, 2020 |
Lease liabilities - operating |
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Lease liabilities - operating expense, COGS |
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$ |
4,818,319 |
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$ |
684,418 |
Lease liabilities - operating expense, G&A |
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|
8,517,965 |
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|
2,083,580 |
Lease liabilities - finance |
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Amortization of right-of-use assets, COGS |
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|
1,049,787 |
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|
17,040 |
Amortization of right-of-use assets, G&A |
|
|
76,280 |
|
|
— |
Interest on lease liabilities - finance, COGS |
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|
719,824 |
|
|
14,377 |
Interest on lease liabilities - finance, G&A |
|
|
320,069 |
|
|
— |
Total lease expense |
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$ |
15,502,244 |
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$ |
2,799,415 |
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