COMMITMENTS AND CONTINGENCIES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| Lease-Related Assets and Liabilities |
The table below presents the lease-related assets and liabilities recorded on the balance sheet at October 31, 2021 and 2020 (in thousands):
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Operating lease right-of-use assets |
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Buildings, net of depreciation |
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Current portion of operating lease obligations |
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Notes payable including current portion of long-term debt |
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Operating lease obligations, net of current portion |
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| Lease Cost |
The table below presents the components of lease costs for the years 2021 and 2020:
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December 31, |
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2021 |
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2020 |
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Operating lease cost |
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$ |
94,265 |
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$ |
32,557 |
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Finance lease cost |
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Amortization of leased assets |
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134,128 |
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- |
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Interest on lease liabilities |
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15,872 |
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- |
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$ |
244,265 |
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$ |
32,557 |
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The table below presents the weighted average remaining lease terms and weight e d average disc o unt rates for the Company's leases as of December 31, 2021 and December 31, 2020:
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December 31, |
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2021 |
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2020 |
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Weighted average remaining lease term (in years) |
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Operating leases |
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2.2 |
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1.7 |
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Financing leases |
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4.8 |
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- |
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Weighted average discount rate |
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Operating leases |
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1.00 |
% |
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6.63 |
% |
Financing leases |
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4.25 |
% |
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- |
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| Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
The table below presents the maturity of the lease liabilities as of December 31, 2021:
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2022 |
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$ |
202,149 |
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$ |
223,484 |
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2023 |
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162,616 |
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230,188 |
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2024 |
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121,962 |
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237,094 |
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2025 |
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- |
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244,207 |
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2026 |
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- |
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3,527,965 |
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Thereafter |
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- |
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- |
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486,727 |
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4,462,938 |
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Less: present value discount |
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(5,090 |
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(916,995 |
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$ |
481,637 |
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$ |
3,545,943 |
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| Finance Leases |
The table below presents the maturity of the lease liabilities as of December 31, 2021:
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2022 |
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$ |
202,149 |
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$ |
223,484 |
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2023 |
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162,616 |
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230,188 |
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2024 |
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121,962 |
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237,094 |
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2025 |
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- |
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244,207 |
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2026 |
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- |
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3,527,965 |
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Thereafter |
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- |
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- |
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486,727 |
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4,462,938 |
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Less: present value discount |
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(5,090 |
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(916,995 |
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$ |
481,637 |
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$ |
3,545,943 |
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