Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.3
LEASES
9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
LEASES

NOTE 13 – LEASES

 

The components of lease cost for operating leases for the three and nine months ended September 30, 2023 and 2022 is as follows:

                       
   

Three Months

Ended

September 30,

2023

   

Three Months

Ended

September 30,

2022

   

Nine Months

Ended

September 30,

2023

   

Nine Months

Ended

September 30,

2022

 
Lease Cost                                
Operating lease cost   $ 117,249     $ 107,534     $ 351,748     $ 406,786  
Short-term lease cost     30,751       75,015       120,271       208,009  
Variable lease cost                        
Sublease income                        
Total lease cost   $ 148,000     $ 182,549     $ 472,019     $ 614,795  

 

Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and 2022, is as follows:

           
    2023     2022  
Other Lease Information                
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases   $ 265,161     $ 269,836  
Amortization of right-of-use assets   $ 274,895     $ 342,112  

 

The following table summarizes the lease-related assets and liabilities recorded on the balance sheet at September 30, 2023 and December 31, 2022:

           
   

September 30,

2023

   

December 31,

2022

 
Lease Position                
Operating Leases:                
Operating lease right-of-use assets   $ 1,231,092     $ 1,505,987  
Right-of-use liabilities operating leases short-term     423,849       391,117  
Right-of-use liabilities operating leases long-term     845,117       1,143,011  
Total operating lease liabilities   $ 1,268,966     $ 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   September 30, 2023  
Weighted-average remaining lease term (years):        
Operating leases     2.9  
Weighted-average discount rate:        
Operating leases     6.05%  

 

The following table provides the maturities of lease liabilities at September 30, 2023:

     
    Operating  
    Leases  
Remainder of 2023   $ 116,557  
2024     471,638  
2025     485,702  
2026     340,591  
Total future undiscounted lease payments     1,414,488  
Less: Interest     (145,522 )
Present value of lease liabilities   $ 1,268,966