Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

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Leases (Tables)
3 Months Ended
Mar. 31, 2024
Leases  
Schedule of components of lease expense
   
    Three Months Ended March 31, 2024
Finance leases:        
Amortization of assets, included in depreciation and amortization expense   $ 196,069  
Interest on lease liabilities, included in interest expense     8,855  
Operating lease:        
Amortization of assets, included in total operating expense     27,250  
Interest on lease liabilities, included in total operating expense     515  
Total net lease cost   $ 232,689  
Supplemental balance sheet information related to leases was as follows:        
         
Operating Leases:        
         
Operating lease right-of-use asset   $ 36,160  
         
Current operating lease liabilities   $ 36,733  
Noncurrent operating lease liabilities      
Total operating lease liabilities   $ 36,733  

 

    March 31, 2024
Finance leases:        
Property and equipment, at cost   $ 5,521,716  
Accumulated amortization     (4,689,273 )
Property and equipment, net   $ 832,443  
         
Current obligations of finance leases   $ 370,125  
Finance leases, net of current obligations      
Total finance lease liabilities   $ 370,125  
Schedule of supplemental cash flow and other information related to leases
   
    Three Months Ended March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows related to operating leases   $ 27,250  
Financing cash flows related to finance leases   $ 167,358  
         
Weighted average remaining lease term (in years):        
Operating leases     0.84  
Finance leases     0.80  
         
Weighted average discount rate:        
Operating leases     4 %
Finance leases     7 %
Schedule of long term obligations operating and finance leases
       
For the Twelve Months Ended March 31,   Operating
Leases
  Finance
Leases
2024     37,020       381,829  
2025            
Total lease payments     37,020       381,829  
Less: Amounts representing interest     (287 )     (11,704 )
Total lease obligations     36,733       370,125  
Less: long-term obligations            
 Total current   $ 36,733     $ 370,125