LEASES (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
|---|
| Leases [Abstract] |
|
| Schedule of components of lease expense |
The components of lease expense were as follows:
Schedule of components of lease expense
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2023 |
|
2022 |
|
| |
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
112,522 |
|
$ |
78,442 |
|
| Short-term lease cost |
|
|
52,894 |
|
|
49,709 |
|
| Total lease cost |
|
$ |
165,416 |
|
$ |
128,151 |
|
| |
|
|
|
|
|
|
|
| Finance lease cost: |
|
|
|
|
|
|
|
| Amortization of right-of-use assets |
|
$ |
27,223 |
|
$ |
— |
|
| Interest on lease liabilities |
|
|
6,720 |
|
|
— |
|
| Total finance lease cost |
|
$ |
33,943 |
|
$ |
— |
|
|
| Schedule of cash flow information related to leases |
Supplemental cash flow information related to leases was as follows:
Schedule of cash flow information related to leases
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2023 |
|
2022 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
113,813 |
|
$ |
63,193 |
|
| Financing cash flows from finance leases |
|
|
30,800 |
|
|
— |
|
|
| Schdeule of balance sheet information related to leases |
Supplemental balance sheet information related to leases was as follows:
Schdeule of balance sheet information related to leases
| |
|
|
|
|
|
| |
|
March 31,
2023 |
|
December 31,
2022 |
|
| |
|
|
|
|
|
|
|
| Operating Leases |
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
3,706,874 |
|
$ |
3,786,545 |
|
| |
|
|
|
|
|
|
|
| Operating lease current liabilities |
|
|
349,304 |
|
|
345,834 |
|
| Operating lease long term liabilities |
|
|
3,564,619 |
|
|
3,653,257 |
|
| Total operating lease liabilities |
|
$ |
3,913,923 |
|
$ |
3,999,091 |
|
| |
|
|
|
|
|
|
|
| Finance Leases |
|
|
|
|
|
|
|
| Property and equipment, at cost |
|
$ |
544,468 |
|
$ |
544,468 |
|
| Accumulated depreciation |
|
|
(78,118) |
|
|
(50,895 |
) |
| Property and equipment, net |
|
$ |
466,350 |
|
$ |
493,573 |
|
| |
|
|
|
|
|
|
|
| Finance lease current liabilities |
|
|
99,694 |
|
|
98,335 |
|
| Finance lease long term liabilities |
|
|
368,844 |
|
|
394,283 |
|
| Total finance lease liabilities |
|
$ |
468,538 |
|
$ |
492,618 |
|
| |
|
March 31,
2023 |
|
December 31,
2022 |
|
| |
|
|
|
|
|
| Weighted Average Remaining Lease Term |
|
|
|
|
|
| Operating leases |
|
9.4 Years |
|
9.7 Years |
|
| Finance leases |
|
4.3 Years |
|
4.6 Years |
|
| |
|
|
|
|
|
| Weighted Average Discount Rate |
|
|
|
|
|
| Operating leases |
|
4.00% |
|
4.0% |
|
| Finance leases |
|
4.25% |
|
4.25% |
|
|
| Schedule of maturities of lease liabilities |
Maturities of lease liabilities are as follows:
Schedule of maturities of lease liabilities
| Year Ending December 31, |
|
Operating Leases |
|
Finance Leases |
|
| 2023 (excluding the three months ended March 31, 2023) |
|
|
374,627 |
|
|
92,400 |
|
| 2024 |
|
|
499,503 |
|
|
123,200 |
|
| 2025 |
|
|
499,503 |
|
|
123,200 |
|
| 2026 |
|
|
499,503 |
|
|
123,200 |
|
| 2027 |
|
|
499,503 |
|
|
65,957 |
|
| Thereafter |
|
|
2,331,014 |
|
|
— |
|
| Total undiscounted lease payments |
|
|
4,703,653 |
|
|
527,957 |
|
| Less: imputed interest |
|
|
(789,730 |
) |
|
(59,419 |
) |
| Total lease liabilities |
|
$ |
3,913,923 |
|
$ |
468,538 |
|
|