Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.1
LEASES
3 Months Ended
Mar. 31, 2023
Leases  
LEASES

NOTE 12 – LEASES

 

The components of lease cost for operating leases for the three months ended March 31, 2023 and 2022 were as follows:

             
   

Three Months

Ended

March 31, 2023

   

Three Months

Ended

March 31, 2022

 
Lease Cost                
Operating lease cost   $ 117,249     $ 158,672  
Short-term lease cost     59,790       17,120  
Variable lease cost            
Sublease income            
Total lease cost   $ 177,039     $ 175,792  

 

Supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022, was as follows:

             
   

March 31,

2023

   

March 31,

2022

 
Other Lease Information                
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases   $ 86,031     $ 116,716  
Amortization of right of use assets   $ 90,057     $ 158,672  

 

The following table summarizes the lease-related assets and liabilities recorded on the balance sheet at March 31, 2023 and December 31, 2022:

             
   

March 31,

2023

   

December 31,

2022

 
Lease Position                
Operating Leases:                
Operating lease right-of-use assets   $ 1,415,930     $ 1,505,987  
Right-of-use liabilities operating leases short-term     401,553       391,117  
Right-of-use liabilities operating leases long-term     1,046,544       1,143,011  
Total operating lease liabilities   $ 1,448,097     $ 1,534,128  

 

The Company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable.

       
Lease Term and Discount Rate   March 31, 2023  
Weighted-average remaining lease term (years):        
Operating leases     3.4  
Weighted-average discount rate:        
Operating leases     6.05%  

 

The following table provides the maturities of lease liabilities at March 31, 2023:

       
    Operating  
    Leases  
Remainder of 2023   $ 345,348  
2024     471,638  
2025     485,702  
2026     340,591  
Total future undiscounted lease payments     1,643,279  
Less: Interest     (195,183 )
Present value of lease liabilities   $ 1,448,096