Quarterly report pursuant to Section 13 or 15(d)

LEASES

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LEASES
3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
LEASES

NOTE 5 — LEASES

 

We have finance and operating leases for our corporate office and certain office and computer equipment.  Our two operating leases have remaining lease terms of 8.4 years and 4.8 years, respectively. Our three finance leases have remaining lease terms of 3.2 years, 2.75 years, and 4.5 years, respectively, as of March 31, 2024.

 

The components of lease expense were as follows:

             
    Three Months Ended  
    March 31,  
    2024   2023  
               
Operating lease cost   $ 111,548   $ 112,522  
Short-term lease cost     3,460     52,894  
Total lease cost   $ 115,008   $ 165,416  
               
Finance lease cost:              
Amortization of right-of-use assets   $ 28,896   $ 27,223  
Interest on lease liabilities     6,053     6,720  
Total finance lease cost   $ 34,949   $ 33,943  

 

Supplemental cash flow information related to leases was as follows:

             
    Three Months Ended  
    March 31,  
    2024   2023  
Cash paid for amounts included in the measurement of lease liabilities:              
Operating cash flows from operating leases   $ 120,365   $ 113,813  
Financing cash flows from finance leases     32,859     30,800  

 

Supplemental balance sheet information related to leases was as follows:

           
    March 31,
2024
  December 31,
2023
 
               
Operating Leases              
Operating lease right-of-use assets   $ 3,428,885   $ 3,514,055  
               
Operating lease current liabilities     372,109     368,313  
Operating lease long term liabilities     3,241,837     3,336,300  
Total operating lease liabilities   $ 3,613,946   $ 3,704,613  
               
Finance Leases              
Property and equipment, at cost   $ 577,929   $ 577,929  
Accumulated depreciation     (190,358 )   (161,461 )
Property and equipment, net   $ 387,571   $ 416,468  
               
Finance lease current liabilities     111,103     109,540  
Finance lease long term liabilities     288,253     316,623  
Total finance lease liabilities   $ 399,356   $ 426,163  

 

    March 31,
2024
  December 31,
2023
 
           
Weighted Average Remaining Lease Term          
Operating leases   6.6 Years   6.9 Years  
Finance leases   3.6 Years   3.7 Years  
           
Weighted Average Discount Rate          
Operating leases   5.73%   5.76%  
Finance leases   6.17%   6.19%  

 

Maturities of lease liabilities are as follows:

 

Year Ending December 31,   Operating Leases   Finance Leases  
Remainder of 2024   $ 384,041     98,578  
2025     512,055     131,437  
2026     512,055     131,437  
2027     512,055     74,194  
2028     511,009     6,179  
Thereafter     1,833,604      
Total undiscounted lease payments     4,264,819     441,825  
Less: imputed interest     (650,873 )   (42,469 )
Total lease liabilities   $ 3,613,946   $ 399,356