LEASES (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Leases [Abstract] |
|
| Schedule of components of lease expense |
The components of lease expense were as follows:
Schedule of components of lease expense
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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| Operating lease cost |
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$ |
112,279 |
|
$ |
161,140 |
|
$ |
224,801 |
|
$ |
239,582 |
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| Short-term lease cost |
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|
25,143 |
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|
28,579 |
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|
78,037 |
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|
78,288 |
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| Total lease cost |
|
$ |
137,422 |
|
$ |
189,719 |
|
$ |
302,838 |
|
$ |
317,870 |
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| Finance lease cost: |
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| Amortization of right-of-use assets |
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$ |
27,224 |
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$ |
5,918 |
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$ |
54,447 |
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$ |
5,918 |
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| Interest on lease liabilities |
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|
6,387 |
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|
0 |
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|
13,107 |
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|
0 |
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| Total finance lease cost |
|
$ |
33,611 |
|
$ |
5,918 |
|
$ |
67,554 |
|
$ |
5,918 |
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| 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
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Six Months Ended |
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June 30, |
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2023 |
|
2022 |
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| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows from operating leases |
|
$ |
229,879 |
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$ |
181,544 |
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| Financing cash flows from finance leases |
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|
61,600 |
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|
6,611 |
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| Schedule of balance sheet information related to leases |
Supplemental balance sheet information related to leases was as follows:
Schedule of balance sheet information related to leases
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June 30,
2023 |
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December 31,
2022 |
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| Operating Leases |
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| Operating lease right-of-use assets |
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$ |
3,626,348 |
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$ |
3,786,545 |
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| Operating lease current liabilities |
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|
352,809 |
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|
345,834 |
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| Operating lease long term liabilities |
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|
3,475,092 |
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|
3,653,257 |
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| Total operating lease liabilities |
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$ |
3,827,901 |
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$ |
3,999,091 |
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| Finance Leases |
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| Property and equipment, at cost |
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$ |
544,468 |
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$ |
544,468 |
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| Accumulated depreciation |
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|
(105,342 |
) |
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(50,895 |
) |
| Property and equipment, net |
|
$ |
439,126 |
|
$ |
493,573 |
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| Finance lease current liabilities |
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|
101,072 |
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|
98,335 |
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| Finance lease long term liabilities |
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|
343,053 |
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|
394,283 |
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| Total finance lease liabilities |
|
$ |
444,125 |
|
$ |
492,618 |
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June 30,
2023 |
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December 31,
2022 |
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| Weighted Average Remaining Lease Term |
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| Operating leases |
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9.2 Years |
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9.7 Years |
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| Finance leases |
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4.0 Years |
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4.6 Years |
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| Weighted Average Discount Rate |
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| Operating leases |
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4.00% |
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4.00% |
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| Finance leases |
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4.25% |
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4.25% |
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| Schedule of maturities of lease liabilities |
Maturities of lease liabilities are as follows:
Schedule of maturities of lease liabilities
| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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| Remainder of 2023 |
|
$ |
249,752 |
|
|
61,600 |
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| 2024 |
|
|
499,503 |
|
|
123,200 |
|
| 2025 |
|
|
499,503 |
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|
123,200 |
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| 2026 |
|
|
499,503 |
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|
123,200 |
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| 2027 |
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|
499,503 |
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|
65,957 |
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| Thereafter |
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|
2,331,015 |
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— |
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| Total undiscounted lease payments |
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|
4,578,779 |
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|
497,157 |
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| Less: imputed interest |
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|
(750,878 |
) |
|
(53,032 |
) |
| Total lease liabilities |
|
$ |
3,827,901 |
|
$ |
444,125 |
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