| 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:
| Schedule of lease cost for operating leases
|
|
|
|
|
|
|
| |
|
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:
| Schedule of supplemental cash flow information related to leases
|
|
|
|
|
|
|
| |
|
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:
| Schedule of lease-related assets and liabilities
|
|
|
|
|
|
|
| |
|
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.
| Schedule of right of use asset and lease liability
|
|
|
|
| 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:
| Schedule of maturities of lease liabilities
|
|
|
|
| |
|
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 |
|
|