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Leatt Corp. – ‘10-Q’ for 9/30/22 – ‘XML’

On:  Wednesday, 11/9/22, at 8:15am ET   ·   For:  9/30/22   ·   Accession #:  1062993-22-21736   ·   File #:  0-54693

Previous ‘10-Q’:  ‘10-Q’ on 8/11/22 for 6/30/22   ·   Next:  ‘10-Q’ on 5/11/23 for 3/31/23   ·   Latest:  ‘10-Q’ on 11/6/23 for 9/30/23   ·   1 Reference:  By:  Leatt Corp. – Latest ‘10-Q’ on 11/6/23 for 9/30/23

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/09/22  Leatt Corp.                       10-Q        9/30/22   57:3.2M                                   Newsfile Corp./FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report -- form10q                         HTML    752K 
 2: EX-31.1     Certification -- §302 - SOA'02 -- exhibit31-1       HTML     22K 
 3: EX-31.2     Certification -- §302 - SOA'02 -- exhibit31-2       HTML     22K 
 4: EX-32.1     Certification -- §906 - SOA'02 -- exhibit32-1       HTML     17K 
 5: EX-32.2     Certification -- §906 - SOA'02 -- exhibit32-2       HTML     17K 
11: R1          Document and Entity Information                     HTML     71K 
12: R2          Consolidated Balance Sheets                         HTML    117K 
13: R3          Consolidated Balance Sheets (Parenthetical)         HTML     35K 
14: R4          Consolidated Statements of Operations and           HTML    129K 
                Comprehensive Income                                             
15: R5          Consolidated Statements of Operations and           HTML     20K 
                Comprehensive Income (Parenthetical)                             
16: R6          Consolidated Statements of Changes in               HTML     52K 
                Stockholders' Equity                                             
17: R7          Consolidated Statements of Cash Flows               HTML    108K 
18: R8          Basis of Presentation                               HTML     20K 
19: R9          Inventory                                           HTML     20K 
20: R10         Operating Leases - Right-of-Use Assets and Lease    HTML     42K 
                Liability Obligations                                            
21: R11         Revolving line of Credit facility                   HTML     20K 
22: R12         Short-term Loan                                     HTML     20K 
23: R13         Note Payable                                        HTML     32K 
24: R14         Revenue and Cost Recognition                        HTML     39K 
25: R15         Income Taxes                                        HTML     23K 
26: R16         Net Income Per Share of Common Stock                HTML     20K 
27: R17         Common Stock                                        HTML     21K 
28: R18         Recent Accounting Pronouncements                    HTML     31K 
29: R19         Litigation                                          HTML     20K 
30: R20         Risks and Uncertainties                             HTML     21K 
31: R21         Subsequent Events                                   HTML     20K 
32: R22         Recent Accounting Pronouncements (Policies)         HTML     23K 
33: R23         Operating Leases - Right-of-Use Assets and Lease    HTML     47K 
                Liability Obligations (Tables)                                   
34: R24         Note Payable (Tables)                               HTML     29K 
35: R25         Revenue and Cost Recognition (Tables)               HTML     29K 
36: R26         Inventory (Narrative) (Details)                     HTML     19K 
37: R27         Operating Leases - Right-of-Use Assets and Lease    HTML     19K 
                Liability Obligations (Narrative) (Details)                      
38: R28         Operating Leases - Right-of-Use Assets and Lease    HTML     27K 
                Liability Obligations - Schedule of Right-of- Use                
                Assets and Lease Liability Obligations (Details)                 
39: R29         Operating Leases - Right-of-Use Assets and Lease    HTML     22K 
                Liability Obligations - Schedule of Remaining                    
                lease term and incremental borrowing rates of                    
                Operating leases (Details)                                       
40: R30         Operating Leases - Right-of-Use Assets and Lease    HTML     36K 
                Liability Obligations - Schedule of Maturities of                
                lease liabilities (Details)                                      
41: R31         Operating Leases - Right-of-Use Assets and Lease    HTML     21K 
                Liability Obligations - Schedule of Supplemental                 
                cash flow information of Operating Leases                        
                (Details)                                                        
42: R32         Revolving line of Credit facility (Narrative)       HTML     30K 
                (Details)                                                        
43: R33         Short-term Loan (Narrative) (Details)               HTML     34K 
44: R34         Note Payable (Narrative) (Details)                  HTML     26K 
45: R35         Note Payable - Schedule of note payable (Details)   HTML     24K 
46: R36         Note Payable - Schedule of principal maturities of  HTML     32K 
                note payable (Details)                                           
47: R37         Revenue and Cost Recognition (Narrative) (Details)  HTML     23K 
48: R38         Revenue and Cost Recognition - Schedule of revenue  HTML     41K 
                by major customers by reporting segments (Details)               
49: R39         Net Income Per Share of Common Stock (Narrative)    HTML     25K 
                (Details)                                                        
50: R40         Common Stock (Narrative) (Details)                  HTML     28K 
51: R41         Risks and Uncertainties (Narrative) (Details)       HTML     23K 
52: R42         Subsequent Events (Narrative) (Details)             HTML     27K 
55: XML         IDEA XML File -- Filing Summary                      XML     98K 
53: XML         XBRL Instance -- form10q_htm                         XML    435K 
54: EXCEL       IDEA Workbook of Financial Reports                  XLSX     71K 
 7: EX-101.CAL  XBRL Calculations -- leat-20220930_cal               XML    125K 
 8: EX-101.DEF  XBRL Definitions -- leat-20220930_def                XML    133K 
 9: EX-101.LAB  XBRL Labels -- leat-20220930_lab                     XML   1.12M 
10: EX-101.PRE  XBRL Presentations -- leat-20220930_pre              XML    433K 
 6: EX-101.SCH  XBRL Schema -- leat-20220930                         XSD    115K 
56: JSON        XBRL Instance as JSON Data -- MetaLinks              253±   359K 
57: ZIP         XBRL Zipped Folder -- 0001062993-22-021736-xbrl      Zip    174K

‘XML’   —   XBRL Instance — form10q_htm

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<div> <div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 1 - Basis of presentation</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The consolidated balance sheet as of December 31, 2021 was audited and appears in the Form 10-K filed by the Company with the Securities and Exchange Commission on March 10, 2022. The consolidated balance sheet as of September 30, 2022 and the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2022 and 2021, changes in stockholders' equity for the nine months ended September 30, 2022, cash flows for the nine months ended September 30, 2022 and 2021, and the related information contained in these notes have been prepared by management without audit. In the opinion of management, all adjustments (which include only normal recurring items) necessary to present fairly the financial position, results of operations and cash flows in conformity with generally accepted accounting principles as of September 30, 2022 and for all periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year. Certain information and note disclosures normally included in the Company's annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. While management of the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2021 as filed with the Securities and Exchange Commission in the Company's Form 10-K.</span></span></p> </div> </div>
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 2 - Inventory</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in first-out (FIFO) method. Inventory consists primarily of finished goods. Shipping and handling costs are included in the cost of inventory. In assessing the inventory value, the Company must make estimates and judgments regarding reserves required for product obsolescence, aging of inventory and other issues potentially affecting the saleable condition of products. In performing such evaluations, the Company utilizes historical experience as well as current market information. The reserve for obsolescence was $265,084 at September 30, 2022 and $116,183 at December 31, 2021.</span></span></p> </div>
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 3 - Operating Leases - Right-of-Use Assets and Lease Liability Obligations</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company has three non-cancelable operating leases, for office and warehousing space, expiring in June 2023, August 2023 and January 2027, respectively. Rent expense for these operating leases is recognized over the term of the lease on a straight-line basis.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Below is a summary of the Company's Operating Right-of-Use Assets and Operating Lease liabilities as of September 30, 2022 and December 31, 2021:</span></span></p> <div> <div style="margin-left: 0.75pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2022</b></span></span></td> <td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2021</b></span></span></td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><i>Assets</i></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Operating lease ROU assets</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,163,782</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,393,213</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><i>Liabilities</i></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Operating lease liabilities, current</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">286,564</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">318,621</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Operating lease liabilities, net of current portion</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">877,218</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,074,592</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 11.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total operating lease liabilities</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,163,782</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,393,213</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> </div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">During the nine months ended September 30, 2022 and 2021 the Company recognized $260,892 and $164,097, respectively, in operating lease expenses, which are included in office lease and expenses in the Company's consolidated statements of operations and comprehensive income.</span></span></p> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Generally, the Company's lease agreements do not specify an implicit rate. Therefore, the Company estimates the incremental borrowing rate, which is defined as the interest rate the Company would pay to borrow on a collateralized basis, considering such factors as length of lease term and the risks of the economic environment in which the leased asset operates. As of September 30, 2022, and December 31, 2021 the following disclosures for the remaining lease terms and incremental borrowing rates were applicable:</span></span></p> <div> <div> </div> </div> <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; border-collapse: collapse;"> <tr> <td rowspan="2" style="width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center; padding-left: 98.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Supplemental disclosure</b></span></span></td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>September 30,</b></span></span></td> <td style="width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>December 31,</b></span></span></td> </tr> <tr> <td rowspan="2" style="border-bottom: 1.5pt solid #000000; width: 16%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2022</b></span></span></td> <td rowspan="2" style="border-bottom: 1.5pt solid #000000; width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2021</b></span></span></td> </tr> <tr> <td style="border-bottom: 1.5pt solid #000000; width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; background: #e6efff; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Weighted average remaining lease term</span></span></td> <td style="width: 16%; vertical-align: bottom; background: #e6efff; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"> 5 years </span></span></td> <td style="width: 17%; vertical-align: bottom; background: #e6efff; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"> 5 years </span></span></td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Weighted average discount rate</span></span></td> <td style="width: 16%; vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3.75%</span></span></td> <td style="width: 17%; vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">4.08%</span></span></td> </tr> </table> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Maturities of lease liabilities as of September 30, 2022 were as follows:</span></span></p> <div> <table cellpadding="0" cellspacing="0" style="width: 80%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Year ended December 31,</b></span></span></td> <td colspan="2" style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Amounts under Operating Leases</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Remaining 2022</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">74,879</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2023</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">291,313</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2024</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">281,663</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2025</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">290,098</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2026</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">298,791</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2027</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">25,455</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total minimum lease payments</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,262,199</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Less: amount representing interest</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(98,417</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total operating lease liabilities</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,163,782</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Supplemental cash flow information for the nine months ended September 30, 2022 and 2021 are as follows:</span></span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; border-collapse: collapse;"> <tr> <td style="width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="width: 1%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Nine months</b></span></span></td> <td style="width: 1%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="width: 15%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Nine months</b></span></span></td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="width: 16%; vertical-align: bottom; white-space: nowrap; text-align: center; padding-left: 4.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>ended September</b></span></span></td> <td colspan="2" style="width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>ended September</b></span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="border-bottom: 1px solid #000000; width: 1%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="border-bottom: 1px solid #000000; width: 14%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>30, 2022</b></span></span></td> <td style="border-bottom: 1px solid #000000; width: 1%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="border-bottom: 1px solid #000000; width: 15%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>30, 2021</b></span></span></td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; background: #e6efff; text-align: left; padding-left: 1.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Cash paid for amounts included in the measurement of lease liabilities</span></span></td> <td style="width: 1%; vertical-align: bottom; background: #e6efff; text-align: left; padding-left: 4.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 14%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">262,832</span></span></td> <td style="width: 1%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 15%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">179,129</span></span></td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; text-align: left; padding-left: 1.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Right-of-use assets obtained in exchange for lease obligations</span></span></td> <td style="width: 1%; vertical-align: bottom; text-align: left; padding-left: 4.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 14%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">41,163</span></span></td> <td style="width: 1%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 15%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,418,719</span></span></td> </tr> </table> </div>
</us-gaap:LesseeOperatingLeasesTextBlock>
<us-gaap:OperatingLeasesOfLesseeDisclosureTextBlock contextRef="C_20220101to20220930" id="Fxbrl_20220806053540293">
<div> <div style="margin-left: 0.75pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2022</b></span></span></td> <td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2021</b></span></span></td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><i>Assets</i></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Operating lease ROU assets</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,163,782</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,393,213</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><i>Liabilities</i></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Operating lease liabilities, current</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">286,564</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">318,621</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Operating lease liabilities, net of current portion</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">877,218</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,074,592</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 11.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total operating lease liabilities</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,163,782</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,393,213</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> </div>
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<us-gaap:OperatingLeaseRightOfUseAsset contextRef="C_20211231" decimals="0" id="Fxbrl_20220806053447299_xbrl_20210806100152907_xbrl_20201104013141601" unitRef="USD"> 1393213 </us-gaap:OperatingLeaseRightOfUseAsset>
<us-gaap:OperatingLeaseLiabilityCurrent contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053447301_xbrl_20210806100152918_xbrl_20200506103539232" unitRef="USD"> 286564 </us-gaap:OperatingLeaseLiabilityCurrent>
<us-gaap:OperatingLeaseLiabilityCurrent contextRef="C_20211231" decimals="0" id="Fxbrl_20220806053447301_xbrl_20210806100152918_xbrl_20201104030213742" unitRef="USD"> 318621 </us-gaap:OperatingLeaseLiabilityCurrent>
<us-gaap:OperatingLeaseLiabilityNoncurrent contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053447303_xbrl_20210806100152933_xbrl_20210506020830413_xbrl_20200506103539232" unitRef="USD"> 877218 </us-gaap:OperatingLeaseLiabilityNoncurrent>
<us-gaap:OperatingLeaseLiabilityNoncurrent contextRef="C_20211231" decimals="0" id="Fxbrl_20220806053447303_xbrl_20210806100152933_xbrl_20210506020830413_xbrl_20201104030213742" unitRef="USD"> 1074592 </us-gaap:OperatingLeaseLiabilityNoncurrent>
<us-gaap:OperatingLeaseLiability contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053447305_xbrl_20210806100152954_xbrl_20200506103643256" unitRef="USD"> 1163782 </us-gaap:OperatingLeaseLiability>
<us-gaap:OperatingLeaseLiability contextRef="C_20211231" decimals="0" id="Fxbrl_20220806053447305_xbrl_20210806100152954_xbrl_20200506103655686" unitRef="USD"> 1393213 </us-gaap:OperatingLeaseLiability>
<us-gaap:OperatingLeaseExpense contextRef="C_20220101to20220930" decimals="0" id="Fxbrl_20220806053517352" unitRef="USD"> 260892 </us-gaap:OperatingLeaseExpense>
<us-gaap:OperatingLeaseExpense contextRef="C_20210101to20210930" decimals="0" id="Fxbrl_20220806053523894" unitRef="USD"> 164097 </us-gaap:OperatingLeaseExpense>
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<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; border-collapse: collapse;"> <tr> <td rowspan="2" style="width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center; padding-left: 98.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Supplemental disclosure</b></span></span></td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>September 30,</b></span></span></td> <td style="width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>December 31,</b></span></span></td> </tr> <tr> <td rowspan="2" style="border-bottom: 1.5pt solid #000000; width: 16%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2022</b></span></span></td> <td rowspan="2" style="border-bottom: 1.5pt solid #000000; width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2021</b></span></span></td> </tr> <tr> <td style="border-bottom: 1.5pt solid #000000; width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; background: #e6efff; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Weighted average remaining lease term</span></span></td> <td style="width: 16%; vertical-align: bottom; background: #e6efff; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"> 5 years </span></span></td> <td style="width: 17%; vertical-align: bottom; background: #e6efff; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"> 5 years </span></span></td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Weighted average discount rate</span></span></td> <td style="width: 16%; vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3.75%</span></span></td> <td style="width: 17%; vertical-align: bottom; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">4.08%</span></span></td> </tr> </table>
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<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="C_20220930" id="Fxbrl_20220806053728235"> P5Y </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>
<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="C_20211231" id="Fxbrl_20220806053731658"> P5Y </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>
<us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent contextRef="C_20220930" decimals="4" id="Fxbrl_20220806053719155_xbrl_20210806101456864_xbrl_20210506021315067" unitRef="pure"> 0.0375 </us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>
<us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent contextRef="C_20211231" decimals="4" id="Fxbrl_20220806053719155_xbrl_20210806101456864_xbrl_20210506021325354" unitRef="pure"> 0.0408 </us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>
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<table cellpadding="0" cellspacing="0" style="width: 80%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Year ended December 31,</b></span></span></td> <td colspan="2" style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Amounts under Operating Leases</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Remaining 2022</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">74,879</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2023</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">291,313</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2024</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">281,663</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2025</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">290,098</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2026</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">298,791</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2027</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">25,455</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total minimum lease payments</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,262,199</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Less: amount representing interest</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(98,417</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 2.25pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total operating lease liabilities</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,163,782</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table>
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<us-gaap:LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053810701_xbrl_20210806101654421_xbrl_20210506021735111_13" unitRef="USD"> 74879 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053810702_xbrl_20210806101654423_xbrl_20210506021735111_23" unitRef="USD"> 291313 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053810703_xbrl_20211105000837409" unitRef="USD"> 281663 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053810704_xbrl_20211105000850146" unitRef="USD"> 290098 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053810705_xbrl_20211105000903149" unitRef="USD"> 298791 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053810706_xbrl_20211105000914888" unitRef="USD"> 25455 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053810707_xbrl_20210806101654432_xbrl_20210506021735111_33" unitRef="USD"> 1262199 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue>
<leat:ImputedInterestOperating contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053810708_xbrl_20210806101654440_xbrl_20210506021735111_43" unitRef="USD"> 98417 </leat:ImputedInterestOperating>
<us-gaap:OperatingLeaseLiability contextRef="C_20220930" decimals="0" id="Fxbrl_20220806053810710_xbrl_20210806101654448_xbrl_20210506021735111_53" unitRef="USD"> 1163782 </us-gaap:OperatingLeaseLiability>
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<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; border-collapse: collapse;"> <tr> <td style="width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="width: 1%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Nine months</b></span></span></td> <td style="width: 1%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="width: 15%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Nine months</b></span></span></td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td colspan="2" style="width: 16%; vertical-align: bottom; white-space: nowrap; text-align: center; padding-left: 4.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>ended September</b></span></span></td> <td colspan="2" style="width: 17%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>ended September</b></span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; width: 65%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="border-bottom: 1px solid #000000; width: 1%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="border-bottom: 1px solid #000000; width: 14%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>30, 2022</b></span></span></td> <td style="border-bottom: 1px solid #000000; width: 1%; vertical-align: bottom; white-space: nowrap; text-align: center;"> </td> <td style="border-bottom: 1px solid #000000; width: 15%; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>30, 2021</b></span></span></td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; background: #e6efff; text-align: left; padding-left: 1.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Cash paid for amounts included in the measurement of lease liabilities</span></span></td> <td style="width: 1%; vertical-align: bottom; background: #e6efff; text-align: left; padding-left: 4.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 14%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">262,832</span></span></td> <td style="width: 1%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 15%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">179,129</span></span></td> </tr> <tr> <td style="width: 65%; vertical-align: bottom; text-align: left; padding-left: 1.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Right-of-use assets obtained in exchange for lease obligations</span></span></td> <td style="width: 1%; vertical-align: bottom; text-align: left; padding-left: 4.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 14%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">41,163</span></span></td> <td style="width: 1%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 15%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,418,719</span></span></td> </tr> </table>
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<leat:AmountPaidIncludedInMeasurementOfLeaseLiabilities contextRef="C_20220101to20220930" decimals="0" id="Fxbrl_20220806053838379_xbrl_20210806101714566_xbrl_20201104013258252" unitRef="USD"> 262832 </leat:AmountPaidIncludedInMeasurementOfLeaseLiabilities>
<leat:AmountPaidIncludedInMeasurementOfLeaseLiabilities contextRef="C_20210101to20210930" decimals="0" id="Fxbrl_20220806053838379_xbrl_20210806101714566_xbrl_20201104015017355" unitRef="USD"> 179129 </leat:AmountPaidIncludedInMeasurementOfLeaseLiabilities>
<us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability contextRef="C_20220101to20220930" decimals="0" id="Fxbrl_20220806053838382_xbrl_20210806101714576_xbrl_20200506110425222" unitRef="USD"> 41163 </us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability>
<us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability contextRef="C_20210101to20210930" decimals="0" id="Fxbrl_20220806053838382_xbrl_20210806101714576_xbrl_20200506110403644" unitRef="USD"> 1418719 </us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability>
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<div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 4 - Revolving line of Credit facility</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On November 19, 2018, the Company entered into a $1,000,000 revolving line of credit agreement with a bank. Advances under the line of credit bear interest at the LIBOR Daily Floating Rate plus 2.5 percentage points commencing January 1, 2019. The line of credit matured on November 19, 2020, at which time the unpaid principal, interest, or other charges outstanding under the agreement were due and payable. On November 5, 2020, the Company executed an amendment to the line of credit agreement to extend the credit facility through November 19, 2021. The amendment took retroactive effect to October 27, 2020 and introduced an index floor so that payments for any future advances will bear interest at the greater of the LIBOR Daily Floating Rate or an Index Floor of 1.25 percentage points plus 2.5 percentage points. Obligations under the line of credit are secured by equipment and fixtures in the United States of America, accounts receivable and inventory of Leatt Corporation and Two-Eleven Distribution, LLC. On March 1, 2021, the Company executed an amendment to the line of credit. The amendment took retroactive effect to February 17, 2021 and extended the line of credit facility through February 28, 2022 and increased the revolving line of credit to $1,500,000. Effective January 21, 2022, the Company executed an amendment agreement for the line of credit to extend the line of credit facility through February 28, 2023, and to replace interest determined by LIBOR daily Floating Rate with the Bloomberg short- term Bank Yield Index Rate. As of September 30, 2022, and December 31, 2021, respectively there were no advances of the line of credit leaving $1,500,000 and $1,500,000 available for advances.</span></span></p> </div>
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<us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="C_20181119_usgaapCreditFacilityAxis_usgaapRevolvingCreditFacilityMember" decimals="0" id="Fxbrl_20210506023452774" unitRef="USD"> 1000000 </us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
<us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="C_20181101to20181119_usgaapCreditFacilityAxis_usgaapRevolvingCreditFacilityMember" id="Fxbrl_20210506023510754"> interest at the LIBOR Daily Floating Rate plus 2.5 percentage points </us-gaap:LineOfCreditFacilityInterestRateDescription>
<us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd contextRef="C_20201105_usgaapCreditFacilityAxis_usgaapRevolvingCreditFacilityMember" decimals="3" id="Fxbrl_20221102210317909" unitRef="pure"> 0.025 </us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd>
<us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd contextRef="C_20181119_usgaapCreditFacilityAxis_usgaapRevolvingCreditFacilityMember" decimals="3" id="Fxbrl_20210506134404974" unitRef="pure"> 0.025 </us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd>
<us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="C_20201001to20201105_usgaapCreditFacilityAxis_usgaapRevolvingCreditFacilityMember" id="Fxbrl_20210506023700242"> at the greater of the LIBOR Daily Floating Rate or an Index Floor of 1.25 percentage points plus 2.5 percentage points. </us-gaap:LineOfCreditFacilityInterestRateDescription>
<us-gaap:LineOfCreditFacilityIncreaseDecreaseForPeriodNet contextRef="C_20210228to20210301_usgaapCreditFacilityAxis_usgaapRevolvingCreditFacilityMember" decimals="0" id="Fxbrl_20210506024643605" unitRef="USD"> 1500000 </us-gaap:LineOfCreditFacilityIncreaseDecreaseForPeriodNet>
<us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity contextRef="C_20220930_usgaapCreditFacilityAxis_usgaapRevolvingCreditFacilityMember" decimals="0" id="Fxbrl_20210506024934970" unitRef="USD"> 1500000 </us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity>
<us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity contextRef="C_20211231_usgaapCreditFacilityAxis_usgaapRevolvingCreditFacilityMember" decimals="0" id="Fxbrl_20220806113552201" unitRef="USD"> 1500000 </us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity>
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 5 - Short-term Loan</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company carries product liability insurance policies with a U.S. and South African-based insurance carrier. The U.S. short-term loan is payable in monthly installments of $102,078 over eleven months including interest at 4.650% and the South African short-term loan is payable in monthly installments of $5,170, over a ten-month period at a flat interest rate of 3.10%.</span></span></p> <div> <div> </div> </div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company carries various short-term insurance policies in the U.S. The Company finances payment of its short-term insurance premiums over the period of coverage, which is generally twelve months. The short-term loan is payable on a sliding scale, in two payments of $37,381, three payments of $1,172 and six payments of $326 at 6.360% annual interest rate.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company carries a directors' and officers' liability insurance policy with an U.K-based insurance carrier. The U.S. short-term loan is payable in monthly installments of $19,781, over a seven-month period at 6.360% annual interest rate.</span></span></p> </div>
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<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="C_20220930_usgaapDebtInstrumentAxis_leatCurrentSouthAfricanShortTermLoanMember" decimals="4" id="Fxbrl_20220806045125962" unitRef="pure"> 0.031 </us-gaap:DebtInstrumentInterestRateStatedPercentage>
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 6 - Note payable</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Two Eleven entered into a Note Payable with a bank effective December 17, 2021 in the principal amount of $272,519, secured by equipment. The Note is payable in 36 consecutive monthly installments of $7,990, including interest at a fixed rate of 3.5370%, commencing February 5, 2022, and continuing to January 5, 2025. As of September 30, 2022 and December 31, 2021, the amounts of $214,429 and $272,519 were outstanding, respectively.</span></span></p> <div style="margin-left: 0.75pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>September</b></span></span></td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>December 31,</b></span></span></td> <td style="vertical-align: bottom; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>30, 2022</b></span></span></td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2021</b></span></span></td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 1.5pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><i>Liabilities</i></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 1.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Note payable, current</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">89,739</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">83,270</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; vertical-align: bottom; text-align: left; padding-left: 1.5pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Note payable, net off current portion</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">124,690</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">189,249</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; vertical-align: bottom; text-align: left;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">214,429</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">272,519</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> </table> </div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Principal maturities of note payable as of September 30, 2022 were as follows:</span></span></p> <div> <table cellpadding="0" cellspacing="0" style="width: 70%; margin-left: 0.75pt; font-size: 10pt; border-collapse: collapse;"> <tr> <td style="width: 61%; vertical-align: bottom; white-space: nowrap; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Year ended December 31,</b></span></span></td> <td colspan="2" style="width: 38%; vertical-align: bottom; white-space: nowrap; text-align: center; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Amounts under Notes Payable</b></span></span></td> </tr> <tr> <td style="width: 61%; vertical-align: bottom; background: #e6efff; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Remaining 2022</span></span></td> <td style="width: 2%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 35%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">22,138</span></span></td> </tr> <tr> <td style="width: 61%; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2023</span></span></td> <td style="width: 2%; vertical-align: bottom; text-align: left;"> </td> <td style="width: 35%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">90,535</span></span></td> </tr> <tr> <td style="width: 61%; vertical-align: bottom; background: #e6efff; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2024</span></span></td> <td style="width: 2%; vertical-align: bottom; background: #e6efff; text-align: left;"> </td> <td style="width: 35%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">93,790</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; width: 61%; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2025</span></span></td> <td style="border-bottom: 1px solid #000000; width: 2%; vertical-align: bottom; text-align: left;"> </td> <td style="border-bottom: 1px solid #000000; width: 35%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">7,966</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; width: 61%; vertical-align: bottom; background: #e6efff; text-align: left;"> </td> <td style="border-bottom: 2.25pt double #000000; width: 2%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; width: 35%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">214,429</span></span></td> </tr> </table> </div> </div>
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<us-gaap:NotesPayable contextRef="C_20211217" decimals="0" id="F20220507040909331_8" unitRef="USD"> 272519 </us-gaap:NotesPayable>
<leat:NotePayableTerm contextRef="C_20211201to20211217" id="F20220507040909332_15"> P36M </leat:NotePayableTerm>
<leat:NotePayableInstalments contextRef="C_20211201to20211217" decimals="0" id="F20220507040909332_12" unitRef="USD"> 7990 </leat:NotePayableInstalments>
<us-gaap:AccountsPayableInterestBearingInterestRate contextRef="C_20211217" decimals="6" id="F20220507040909331_9" unitRef="pure"> 0.03537 </us-gaap:AccountsPayableInterestBearingInterestRate>
<us-gaap:NotesPayable contextRef="C_20220930" decimals="0" id="F20220507040909331_10" unitRef="USD"> 214429 </us-gaap:NotesPayable>
<us-gaap:NotesPayable contextRef="C_20211231" decimals="0" id="Fxbrl_20220507094339711" unitRef="USD"> 272519 </us-gaap:NotesPayable>
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<table cellpadding="0" cellspacing="0" style="width: 80%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>September</b></span></span></td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>December 31,</b></span></span></td> <td style="vertical-align: bottom; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>30, 2022</b></span></span></td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2021</b></span></span></td> <td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 1.5pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><i>Liabilities</i></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 1.5pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Note payable, current</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">89,739</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">83,270</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; vertical-align: bottom; text-align: left; padding-left: 1.5pt; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Note payable, net off current portion</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">124,690</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">189,249</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; vertical-align: bottom; text-align: left;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">214,429</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">272,519</span></span></td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> </table>
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<us-gaap:NotesPayableCurrent contextRef="C_20211231" decimals="0" id="F20220507040909320_0" unitRef="USD"> 83270 </us-gaap:NotesPayableCurrent>
<us-gaap:LongTermNotesPayable contextRef="C_20220930" decimals="0" id="Fxbrl_20220507094118313" unitRef="USD"> 124690 </us-gaap:LongTermNotesPayable>
<us-gaap:LongTermNotesPayable contextRef="C_20211231" decimals="0" id="F20220507040909325_1" unitRef="USD"> 189249 </us-gaap:LongTermNotesPayable>
<us-gaap:NotesPayable contextRef="C_20220930" decimals="0" id="Fxbrl_20220507094124129" unitRef="USD"> 214429 </us-gaap:NotesPayable>
<us-gaap:NotesPayable contextRef="C_20211231" decimals="0" id="F20220507040909325_2" unitRef="USD"> 272519 </us-gaap:NotesPayable>
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<div> <table cellpadding="0" cellspacing="0" style="width: 70%; margin-left: 0.75pt; font-size: 10pt; border-collapse: collapse;"> <tr> <td style="width: 61%; vertical-align: bottom; white-space: nowrap; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Year ended December 31,</b></span></span></td> <td colspan="2" style="width: 38%; vertical-align: bottom; white-space: nowrap; text-align: center; padding-left: 2.25pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Amounts under Notes Payable</b></span></span></td> </tr> <tr> <td style="width: 61%; vertical-align: bottom; background: #e6efff; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Remaining 2022</span></span></td> <td style="width: 2%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="width: 35%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">22,138</span></span></td> </tr> <tr> <td style="width: 61%; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2023</span></span></td> <td style="width: 2%; vertical-align: bottom; text-align: left;"> </td> <td style="width: 35%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">90,535</span></span></td> </tr> <tr> <td style="width: 61%; vertical-align: bottom; background: #e6efff; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2024</span></span></td> <td style="width: 2%; vertical-align: bottom; background: #e6efff; text-align: left;"> </td> <td style="width: 35%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">93,790</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; width: 61%; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2025</span></span></td> <td style="border-bottom: 1px solid #000000; width: 2%; vertical-align: bottom; text-align: left;"> </td> <td style="border-bottom: 1px solid #000000; width: 35%; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">7,966</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #ddebf7; width: 61%; vertical-align: bottom; background: #e6efff; text-align: left;"> </td> <td style="border-bottom: 2.25pt double #000000; width: 2%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 2.25pt double #000000; width: 35%; vertical-align: bottom; background: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">214,429</span></span></td> </tr> </table> </div>
</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="C_20220930" decimals="0" id="F20220507040909326_3" unitRef="USD"> 22138 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="C_20220930" decimals="0" id="F20220507040909326_4" unitRef="USD"> 90535 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="C_20220930" decimals="0" id="F20220507040909327_5" unitRef="USD"> 93790 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
<us-gaap:LongTermDebtMaturingInYearsTwoAndThree contextRef="C_20220930" decimals="0" id="F20220507040909327_6" unitRef="USD"> 7966 </us-gaap:LongTermDebtMaturingInYearsTwoAndThree>
<us-gaap:LongTermDebt contextRef="C_20220930" decimals="0" id="F20220507040909320_02" unitRef="USD"> 214429 </us-gaap:LongTermDebt>
<us-gaap:RevenueFromContractWithCustomerTextBlock contextRef="C_20220101to20220930" id="Fxbrl_20221102211431781">
<div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 7 - Revenue and Cost Recognition</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company's products are sold worldwide to a global network of distributors and dealers, and directly to consumers when there are no dealers or distributors in their geographic area or where consumers choose to purchase directly via the Company's e-commerce website (collectively the "customers").</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Revenues from product sales are recognized when earned, net of applicable provisions for discounts and returns and allowances in the event of product defect where no exchange of product is possible. Revenues are recognized when our performance obligations are satisfied as evidenced by transfer of control of promised goods to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Product royalty income, representing less than 1% of total revenues, is recorded as the underlying product sales occur, in accordance with the related licensing arrangements.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company's standard distributor payment terms range from pre-payment in full to 60 days after shipment and subsequent sales of our products by distributors have no effect on the amount and timing of payments due to us, however, in limited instances qualified distributors and dealers may be granted extended payment terms during selected order periods. In performing such evaluations, we utilize historical experience, sales performance, and credit risk requirements. Furthermore, products purchased by distributors may not be returned to us in the event that any such distributor relationship is terminated.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Since the Company (through its wholly-owned subsidiary) serves as the distributor of Leatt products in the United States, the Company records its revenue and related cost of revenue for its product sales in the United States upon shipment of the merchandise to the dealer or to the ultimate consumer when there is no dealer in the geographic area or the consumer chooses to purchase directly from the Company's e-commerce website and the sales order was received directly from, and paid by, the ultimate consumer. Since the Company (through its South African branch) serves as the distributor of Leatt products in South Africa, the Company records its revenue and related cost of revenue for its product sales in South Africa upon shipment of the merchandise from the branch to the dealer. The Company's standard terms and conditions of sale for non-consumer direct or web-based sales do not allow for product returns other than under warranty.</span></span></p> <div> <div> </div> </div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">International sales (other than in the United States and South Africa) are generally drop-shipped directly from the third-party manufacturer to the international distributors. Revenue and related cost of revenue is recognized at the time of shipment from the manufacturer's port when the shipping terms are Free On Board ("FOB") shipping point, Cost and Freight ("CFR") or Cost and Insurance to named place ("CIP") as legal title and risk of loss to the product pass to the distributor. Sales to all customers (distributors, dealers and consumers) are generally final; however, in limited instances, product may be returned and exchanged due to product quality issues. Historically, returns due to product quality issues have not been material and there have been no distributor terminations that resulted in material product returns. Cost of revenues also includes royalty fees associated with sales of Leatt- Brace products. Product royalty income is recorded as the underlying product sales occur, in accordance with the related licensing arrangements.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">In the following table, revenue is disaggregated by the source of revenue:</span></span></p> <div style="margin-left: 0.75pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="vertical-align: bottom; text-align: left; width: 46.1001%; white-space: nowrap;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%; white-space: nowrap;"> </td> <td colspan="11" style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: center; width: 50.8731%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Nine months ended September 30,</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 46.1001%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2022</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1.97905%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1.04773%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">% of Revenues</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1.97905%; border-right: 1.5pt solid #000000; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.74622%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2021</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1.97905%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1.04773%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">% of Revenues</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1.97905%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 0.75pt; width: 46.1001%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Consumer and athlete direct revenues</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,928,171</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; border-right: 1.5pt solid #000000; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.74622%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,519,454</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 0.75pt; width: 46.1001%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Dealer direct revenues</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">13,781,437</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">21%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; border-right: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.74622%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">14,401,624</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">29%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 0.75pt; width: 46.1001%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">International distributor revenues</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">49,715,562</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">76%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; border-right: 1.5pt solid #000000; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #e6efff; vertical-align: bottom; text-align: left; width: 1.74622%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">33,376,783</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">68%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 46.1001%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">65,425,170</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">100%</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%; border-right: 1.5pt solid #000000;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.74622%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">49,297,861</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">100%</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> </tr> </table> </div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company reviews the reserves for customer returns at each reporting period and adjusts them to reflect data available at that time. To estimate reserves for returns, the Company estimates the expected returns and claims based on historical rates as well as events and circumstances that indicate changes to historical rates of product returns and claims. Historically, returns due to product quality issues have not been material and there have been no distributor terminations that resulted in product returns. The provision for estimated returns at September 30, 2022 and December 31, 2021 was $0, and $0, respectively.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Accounts receivable consist of amounts due to the Company from normal business activities. Credit is granted to substantially all distributors on an unsecured basis. The Company continuously monitors collections and payments from customers and maintains an allowance for doubtful accounts receivable based upon the expected credit losses determined utilizing historical experience and any specific customer collection issues that have been identified. In determining the amount of the allowance, the Company is required to make certain estimates and assumptions. Accounts receivable balances that are still outstanding after the Company used reasonable collection efforts are written off as uncollectible. While such credit losses have historically been minimal, within the Company's expectations and the provisions established, the Company cannot guarantee that it will continue to experience the same credit loss rates as in the past. A significant change in the liquidity or financial position of any of the Company's significant customers could have a material adverse effect on the collectability of the Company's accounts receivable and future operating results. The allowance for doubtful accounts was $372,889 at September 30, 2022 and $291,584 at December 31, 2021.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Sales commissions are expensed when incurred, which is generally at the time of sale, because the amortization period would have been one year or less. These costs are recorded in commissions and consulting expenses within operating expenses in the accompanying consolidated statements of operations and comprehensive income.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Shipping and handling activities associated with outbound freight, after control over a product has transferred to a customer, are accounted for as a fulfillment cost and are included in revenues and cost of revenues in the accompanying consolidated statements of operations and comprehensive income.</span></span></p> <div> <div> </div> </div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Revenue recognized from contracts with customers is recorded net of sales taxes, value added taxes, or similar taxes that are collected on behalf of local taxing authorities.</span></span></p> </div>
</us-gaap:RevenueFromContractWithCustomerTextBlock>
<leat:ProductRoyaltyIncomeRevenuePercentage contextRef="C_20220101to20220930" decimals="2" id="Fxbrl_20210506140941655" unitRef="pure"> 0.01 </leat:ProductRoyaltyIncomeRevenuePercentage>
<us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock contextRef="C_20220101to20220930" id="Fxbrl_20221102211442590">
<table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="vertical-align: bottom; text-align: left; width: 46.1001%; white-space: nowrap;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%; white-space: nowrap;"> </td> <td colspan="11" style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: center; width: 50.8731%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Nine months ended September 30,</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 46.1001%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2022</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1.97905%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1.04773%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">% of Revenues</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1.97905%; border-right: 1.5pt solid #000000; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.74622%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">2021</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1.97905%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1.04773%; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">% of Revenues</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1.97905%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 0.75pt; width: 46.1001%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Consumer and athlete direct revenues</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,928,171</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; border-right: 1.5pt solid #000000; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.74622%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">1,519,454</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 0.75pt; width: 46.1001%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Dealer direct revenues</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">13,781,437</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">21%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; border-right: 1.5pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.74622%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">14,401,624</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">29%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; padding-left: 0.75pt; width: 46.1001%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">International distributor revenues</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">49,715,562</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">76%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; border-right: 1.5pt solid #000000; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #e6efff; vertical-align: bottom; text-align: left; width: 1.74622%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">33,376,783</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1.04773%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 10.0116%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">68%</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1.97905%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 46.1001%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">65,425,170</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">100%</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%; border-right: 1.5pt solid #000000;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.74622%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">49,297,861</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.04773%;"> </td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 10.0116%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">100%</span></span></td> <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1.97905%;"> </td> </tr> </table>
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<us-gaap:ConcentrationRiskPercentage1 contextRef="C_20220101to20220930_srtMajorCustomersAxis_leatDealerDirectRevenuesMember_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="2" id="Fxbrl_20220806044547848_xbrl_20210506050935389" unitRef="pure"> 0.21 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:Revenues contextRef="C_20210101to20210930_srtMajorCustomersAxis_leatDealerDirectRevenuesMember_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="0" id="Fxbrl_20220806044547848_xbrl_20200807023904434_xbrl_20200506101643237" unitRef="USD"> 14401624 </us-gaap:Revenues>
<us-gaap:ConcentrationRiskPercentage1 contextRef="C_20210101to20210930_srtMajorCustomersAxis_leatDealerDirectRevenuesMember_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="2" id="Fxbrl_20220806044547848_xbrl_20210506051013354" unitRef="pure"> 0.29 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:Revenues contextRef="C_20220101to20220930_srtMajorCustomersAxis_leatInternationalDistributorRevenuesMember_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="0" id="Fxbrl_20220806044547853_xbrl_20210506030854285_xbrl_20200807023904434_xbrl_20200506101505898" unitRef="USD"> 49715562 </us-gaap:Revenues>
<us-gaap:ConcentrationRiskPercentage1 contextRef="C_20220101to20220930_srtMajorCustomersAxis_leatInternationalDistributorRevenuesMember_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="2" id="Fxbrl_20220806044547853_xbrl_20210506050944195" unitRef="pure"> 0.76 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:Revenues contextRef="C_20210101to20210930_srtMajorCustomersAxis_leatInternationalDistributorRevenuesMember_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="0" id="Fxbrl_20220806044547853_xbrl_20210506030854285_xbrl_20200807023904434_xbrl_20200506101643237" unitRef="USD"> 33376783 </us-gaap:Revenues>
<us-gaap:ConcentrationRiskPercentage1 contextRef="C_20210101to20210930_srtMajorCustomersAxis_leatInternationalDistributorRevenuesMember_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="2" id="Fxbrl_20220806044547853_xbrl_20210506051021719" unitRef="pure"> 0.68 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:Revenues contextRef="C_20220101to20220930_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="0" id="Fxbrl_20220806044547856_xbrl_20200807023904449_xbrl_20200506161250873" unitRef="USD"> 65425170 </us-gaap:Revenues>
<us-gaap:ConcentrationRiskPercentage1 contextRef="C_20220101to20220930_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="2" id="Fxbrl_20220806044547856_xbrl_20210506050955082" unitRef="pure"> 1 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:Revenues contextRef="C_20210101to20210930_usgaapConcentrationRiskByBenchmarkAxis_usgaapSalesRevenueNetMember_usgaapConcentrationRiskByTypeAxis_usgaapCustomerConcentrationRiskMember" decimals="0" id="Fxbrl_20220806044547856_xbrl_20200807023904449_xbrl_20200506161259288" unitRef="USD"> 49297861 </us-gaap:Revenues>
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<us-gaap:RevenueRecognitionSalesReturnsReserveForSalesReturns contextRef="C_20220101to20220930" decimals="0" id="Fxbrl_20220806044609533" unitRef="USD"> 0 </us-gaap:RevenueRecognitionSalesReturnsReserveForSalesReturns>
<us-gaap:RevenueRecognitionSalesReturnsReserveForSalesReturns contextRef="C_20210101to20211231" decimals="0" id="Fxbrl_20220806044623277" unitRef="USD"> 0 </us-gaap:RevenueRecognitionSalesReturnsReserveForSalesReturns>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="C_20220930" decimals="0" id="Fxbrl_20220806044634349" unitRef="USD"> 372889 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="C_20211231" decimals="0" id="Fxbrl_20220806044640852" unitRef="USD"> 291584 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 8 - Income Taxes</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company uses the asset and liability approach to account for income taxes. Deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the income tax basis of assets and liabilities. A valuation allowance is applied against any net deferred tax asset if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes included taxes currently payable, if any, plus the net change during the period in deferred tax assets and liabilities recorded by the Company.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company applies the provisions of FASB ASC Topic 740-10, Accounting for Uncertainty in Income Taxes ("Standard"), which provides that the tax effects from an uncertain tax position can be recognized in the consolidated financial statements only if the position is more likely than not of being sustained upon an examination by tax authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, the standard provides guidance on derecognition, classification, interest and penalties; accounting in interim periods, disclosure and transition, and any amounts when incurred would be recorded under these provisions.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of September 30, 2022, the Company has no unrecognized tax benefits.</span></span></p> </div>
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<us-gaap:EarningsPerShareTextBlock contextRef="C_20220101to20220930" id="Fxbrl_20221102211656220">
<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 9 - Net Income Per Share of Common Stock</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Basic net income per common share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common stock shares and dilutive potential common shares outstanding during the period. For the nine months ended September 30, 2022, the Company had 471,000 potential common shares, consisting of 120,000 preferred shares, and options to purchase 351,000 shares, outstanding that were dilutive.</span></span></p> </div>
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<us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment contextRef="C_20220101to20220930" decimals="INF" id="Fxbrl_20220806061032448" unitRef="shares"> 471000 </us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment>
<us-gaap:IncrementalCommonSharesAttributableToConversionOfPreferredStock contextRef="C_20220101to20220930" decimals="INF" id="Fxbrl_20220806061013675" unitRef="shares"> 120000 </us-gaap:IncrementalCommonSharesAttributableToConversionOfPreferredStock>
<us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants contextRef="C_20220101to20220930" decimals="INF" id="Fxbrl_20220806061023488" unitRef="shares"> 351000 </us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants>
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 10 - Common Stock</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">In January 2022, the Company issued 78,000 shares of common stock to an employee who exercised stock options. In March 2022, the Company issued 40,000 shares of common stock to two employees who exercised stock options. In May 2022, the Company issued 35,209 shares of common stock to an employee who exercised stock options in a cashless exercise.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Stock-based compensation expense related to vested stock options during the nine months ended September 30, 2022 was $82,530. As of September 30, 2022, there was $0 of unrecognized compensation cost related to unvested stock options.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Stock-based compensation expense related to vested restricted stock awards during the nine months ended September 30, 2022 was $360,720. As of September 30, 2022, there was $120,240 of unrecognized compensation cost related to unvested restricted stock.</span></span></p> </div>
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<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="C_20220101to20220131" decimals="INF" id="Fxbrl_20211105003121294" unitRef="shares"> 78000 </us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="C_20220301to20220331" decimals="INF" id="Fxbrl_20210806120800777" unitRef="shares"> 40000 </us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="C_20220501to20220531" decimals="INF" id="Fxbrl_20220806044123989" unitRef="shares"> 35209 </us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
<us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions contextRef="C_20220101to20220930" decimals="0" id="Fxbrl_20210806024425587" unitRef="USD"> 82530 </us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized contextRef="C_20220930" decimals="0" id="Fxbrl_20210806024431198" unitRef="USD"> 0 </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized>
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 11 - Recent Accounting Pronouncements</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Recently Adopted Accounting Pronouncements - </b>In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2021-10 Government Assistance (Topic 832): "Disclosures by Business Entities About Government Assistance," which requires entities to provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution model by analogy. The standard is effective for annual periods beginning after December 15, 2021. The Company adopted the standard effective January 1, 2022. The adoption of the standard had no impact on the Company's consolidated financial statements.</span></span></p> <div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Accounting Pronouncements Not Yet Adopted - </b>In September 2022, the FASB issued ASU No. 2022-04, "Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations." This ASU requires a buyer that uses supplier finance programs to make annual disclosures about the programs' key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated rollforward information. The guidance is effective for the Company beginning on January 1, 2023, except for the rollforward, which is effective beginning on January 1, 2024. The Company is currently evaluating the impact of the new guidance and does not expect it to have a material impact on the Company's consolidated financial statements.</span></span></p> <div> </div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company evaluated all ASU's issued by the FASB for consideration of their applicability. ASU's not included in our disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company's consolidated financial statements.</span></span></p> </div> </div>
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<p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Recently Adopted Accounting Pronouncements - </b>In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2021-10 Government Assistance (Topic 832): "Disclosures by Business Entities About Government Assistance," which requires entities to provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution model by analogy. The standard is effective for annual periods beginning after December 15, 2021. The Company adopted the standard effective January 1, 2022. The adoption of the standard had no impact on the Company's consolidated financial statements.</span></span></p>
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Accounting Pronouncements Not Yet Adopted - </b>In September 2022, the FASB issued ASU No. 2022-04, "Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations." This ASU requires a buyer that uses supplier finance programs to make annual disclosures about the programs' key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated rollforward information. The guidance is effective for the Company beginning on January 1, 2023, except for the rollforward, which is effective beginning on January 1, 2024. The Company is currently evaluating the impact of the new guidance and does not expect it to have a material impact on the Company's consolidated financial statements.</span></span></p> <div> </div> <p style="text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company evaluated all ASU's issued by the FASB for consideration of their applicability. ASU's not included in our disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on the Company's consolidated financial statements.</span></span></p> </div>
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<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 12 - Litigation</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">In the ordinary course of business, the Company is involved in various legal proceedings involving product liability and personal injury and intellectual property litigation. The Company is insured against loss for certain of these matters. The Company will record contingent liabilities resulting from asserted and unasserted claims against it when it is probable that the liability has been incurred and the amount of the loss is reasonably estimable. The Company will disclose contingent liabilities when there is a reasonable possibility that the ultimate loss will exceed the recorded liability. While the outcome of currently pending litigation is not yet determinable, the ultimate exposure with respect to these matters cannot be ascertained. However, based on the information currently available to the Company, the Company does not expect that any liabilities or costs that might be incurred to resolve these matters will have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company.</span></span></p> </div>
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<div> <div> <div> <div> <div> <div> <div> <div> <div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 13 - Risks and Uncertainties</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company believes that any impact to its operations from continued COVID-19 developments worldwide will be primarily driven by the duration and severity of the pandemic, its impact on the global economy, and the timing, scope and effectiveness of governmental response, including China's ongoing COVID-19 restrictions. We remain cautiously optimistic that ongoing efforts to increase the availability of new COVID-19 vaccines worldwide will mitigate the spread of the virus throughout the U.S., Europe, and China, and will bring about an end to any remaining restrictions, and their potential effect on the Company's manufacturing and distribution partners. Any continued mutation and spread of the virus and the reintroduction of global restrictions or the occurrence of any other catastrophic events, could have a negative impact on sales revenue for the coming periods and beyond.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The ongoing turmoil in the global economy caused by high inflation in the U.S., Asia and Europe markets where we operate, and the on-going conflict in Ukraine, may have an adverse impact on our financial operations. The global economic turmoil may reduce consumer spending and demand levels worldwide, including demand for our products. The significantly elevated inflation levels worldwide has also exposed us to foreign exchange risk. Approximately 78% of our sales are derived in international markets where the U.S. dollar is not the primary currency, and the significant strengthening of the U.S. dollar versus our customers' local currency can adversely affect consumer spending or our ability to remain competitive in those areas.</span></span></p> </div> </div> </div> </div> </div> </div> </div> </div> </div>
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<div> <div> <div> <div> <div> <div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 14 - Subsequent Events</b></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company has evaluated all subsequent events through the date the financial statements were released.</span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company entered into a Premium Finance Agreement with AON Premium Finance, LLC "AON" dated October 25, 2022, to finance its U.S short-term insurance over the period of coverage. The Company is obligated to pay AON an aggregate sum of $1,235,372 in ten payments of $123,537, at a fixed annual interest rate of 8.250% commencing on December 1, 2022 and ending on September 1, 2023. Any late payment during the term of the agreement will be assessed a late penalty of 5% of the payment amount due, and in the event of default AON has the right to accelerate the payment due under the agreement.</span></span></p> </div> </div> </div> </div> </div> </div>
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1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/06/23  Leatt Corp.                       10-Q        9/30/23   57:3.3M                                   Newsfile Corp./FA
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