Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases  
Schedule of components of lease expense
       
    Three Months Ended
September 30, 2023
Finance Leases:        
Amortization of assets, included in depreciation and amortization expense   $ 91,250  
Interest on lease liabilities, included in interest expense     7,409  
Operating Lease:        
Amortization of assets, included in total operating expense     31,389  
Interest on lease liabilities, included in total operating expense     2,573  
Total net lease cost   $ 132,621  

 

    Nine Months Ended September 30, 2023
Finance Leases:        
Amortization of assets, included in depreciation and amortization expense   $ 527,958  
Interest on lease liabilities, included in interest expense     48,471  
Operating Lease:        
Amortization of assets, included in total operating expense     141,012  
Interest on lease liabilities, included in total operating expense     5,279  
Total net lease cost   $ 722,720  
Supplemental balance sheet information related to leases was as follows:        
         
Operating Leases:        
         
Operating lease right-of-use asset   $ 89,547  
         
Current operating lease liabilities   $ 90,979  
Noncurrent operating lease liabilities     —  
Total operating lease liabilities   $ 90,979  

 

    September 30, 2023
Finance Leases:        
Property and equipment, at cost   $ 5,521,716  
Accumulated amortization     (4,050,770 )
Property and equipment, net   $ 1,470,946  
         
Current obligations of finance leases   $ 590,745  
Finance leases, net of current obligations     140,421  
Total finance lease liabilities   $ 731,166  
Schedule of supplemental cash flow and other information related to leases
       
    Nine Months Ended September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows related to operating leases   $ 141,450  
Financing cash flows related to finance leases   $ 686,809  
         
Weighted average remaining lease term (in years):        
Operating Leases     0.84  
Finance Leases     2.80  
         
Weighted average discount rate:        
Operating Leases     4 %
Finance Leases     7 %
Schedule of related party and non-related finance leases
               
For the Twelve Months Ended September 30,   Operating Leases   Finance Leases
2023   $ 92,550     $ 601,930  
2024     —       159,703  
Total lease payments     92,550       761,633  
Less: Amounts representing interest     (1,571 )     (30,467 )
Total lease obligations     90,979       731,166  
Less: long-term obligations     —       (140,421 )
 Total current   $ 90,979     $ 590,745