Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.23.1
LEASES (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

 

 

 

As of December 31, 2022

 

 

Amount

 

 

Classification

Operating leases:

 

 

 

 

 

Operating lease right-of-use lease assets

 

$

1,002,749

 

 

 

 

 

 

 

 

 

Operating lease current liabilities

 

$

248,317

 

 

 Current portion of operating lease liabilities

 

 

 

 

 

 

Operating lease long-term liabilities

 

 

830,289

 

 

 Long-term operating lease liabilities

 

 

 

 

 

 

Total operating lease liabilities

 

$

1,078,606

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term:

 

 

 

 

 

Operating leases

 

 

3.94

 

 

 

 

 

 

 

 

 

Weighted-average discount rate:

 

 

 

 

 

Operating leases

 

 

4.4

%

 

 

 

Schedule of Components of Lease Expense

The components of lease expense are as follows:

 

 

 

Year Ended December 31, 2022

 

 

Amount

 

 

Classification

Operating lease cost

 

$

286,296

 

 

Selling, general and administrative expense

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

 

 

 

Year Ended December 31, 2022

 

 

Amount

 

 

Classification

Cash paid for amounts included in the
   measurement of lease liabilities:

 

 

 

 

 

Operating cash flows from operating leases

 

$

281,303

 

 

 Net income

 

 

 

 

 

 

Right-of-use assets obtained in exchange
   for lease liabilities:

 

 

 

 

 

Operating leases

 

$

71,901

 

 

 Supplemental cash flow information

 

 

Schedule of Future Maturities of Operating Lease Liabilities

As of December 31, 2022, future maturities of our operating lease liabilities are as follows:

 

 

 

Amount

 

2023

 

$

290,877

 

2024

 

 

288,892

 

2025

 

 

294,507

 

2026

 

 

302,011

 

2027

 

 

2,985

 

Total minimum lease payments

 

 

1,179,272

 

Less: imputed interest

 

 

(100,666

)

Total operating lease liability

 

 

1,078,606

 

Less: current portion

 

 

(248,317

)

Long-term portion

 

$

830,289