LEASES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
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| Leases [Abstract] |
|
| Schedule of components of lease expenses |
The components of lease expense were as follows:
Schedule of components of lease expenses
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2023 |
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2022 |
|
2023 |
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2022 |
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| Operating lease cost |
|
$ |
112,038 |
|
$ |
157,076 |
|
$ |
336,839 |
|
$ |
396,658 |
|
| Short-term lease cost |
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|
42,844 |
|
|
18,300 |
|
|
120,881 |
|
|
96,588 |
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| Total lease cost |
|
$ |
154,882 |
|
$ |
175,376 |
|
$ |
457,720 |
|
$ |
493,246 |
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| Finance lease cost: |
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| Amortization of right-of-use assets |
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$ |
27,223 |
|
$ |
17,754 |
|
$ |
81,670 |
|
$ |
23,672 |
|
| Interest on lease liabilities |
|
|
6,050 |
|
|
1,381 |
|
|
19,157 |
|
|
1,381 |
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| Total finance lease cost |
|
$ |
33,273 |
|
$ |
19,135 |
|
$ |
100,827 |
|
$ |
25,053 |
|
|
| 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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Nine Months Ended |
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September 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 |
|
$ |
345,946 |
|
$ |
301,150 |
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| Financing cash flows from finance leases |
|
|
92,399 |
|
|
26,443 |
|
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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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September 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 |
|
$ |
3,544,959 |
|
$ |
3,786,545 |
|
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| Operating lease current liabilities |
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|
356,349 |
|
|
345,834 |
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| Operating lease long term liabilities |
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|
3,384,666 |
|
|
3,653,257 |
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| Total operating lease liabilities |
|
$ |
3,741,015 |
|
$ |
3,999,091 |
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| Finance Leases |
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| Property and equipment, at cost |
|
$ |
544,468 |
|
$ |
544,468 |
|
| Accumulated depreciation |
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|
(132,565) |
|
|
(50,895 |
) |
| Property and equipment, net |
|
$ |
411,903 |
|
$ |
493,573 |
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| Finance lease current liabilities |
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|
102,470 |
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|
98,335 |
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| Finance lease long term liabilities |
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|
316,906 |
|
|
394,283 |
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| Total finance lease liabilities |
|
$ |
419,376 |
|
$ |
492,618 |
|
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September 30,
2023 |
|
December 31,
2022 |
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| Weighted Average Remaining Lease Term |
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| Operating leases |
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8.9 Years |
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9.7 Years |
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| Finance leases |
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3.7 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 |
|
Finance Leases |
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| Remainder of 2023 |
|
$ |
124,876 |
|
|
30,800 |
|
| 2024 |
|
|
499,503 |
|
|
123,200 |
|
| 2025 |
|
|
499,503 |
|
|
123,200 |
|
| 2026 |
|
|
499,503 |
|
|
123,200 |
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| 2027 |
|
|
499,503 |
|
|
65,956 |
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| Thereafter |
|
|
2,331,015 |
|
|
— |
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| Total undiscounted lease payments |
|
|
4,453,903 |
|
|
466,356 |
|
| Less: imputed interest |
|
|
(712,888 |
) |
|
(46,980 |
) |
| Total lease liabilities |
|
$ |
3,741,015 |
|
$ |
419,376 |
|
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