Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.1
Leases (Tables)
3 Months Ended
Mar. 31, 2023
Leases  
Schedule of components of lease expense
   
    Three Months Ended March 31, 2023
Finance leases:        
Amortization of assets, included in depreciation and amortization expense   $ 171,775  
Interest on lease liabilities, included in interest expense     24,863  
Operating lease:        
Amortization of assets, included in total operating expense     51,912  
Interest on lease liabilities, included in total operating expense     2,456  
Total net lease cost   $ 251,006  
Supplemental balance sheet information related to leases was as follows:        
         
Operating Leases:        
         
Operating lease right-of-use asset   $ 175,842  
         
Current operating lease liabilities   $ 143,480  
Noncurrent operating lease liabilities     36,733  
Total operating lease liabilities   $ 180,213  

 

    March 31, 2023
Finance leases:        
Property and equipment, at cost   $ 5,521,716  
Accumulated amortization     (3,694,587 )
Property and equipment, net   $ 1,827,129  
         
Current obligations of finance leases   $ 762,295  
Finance leases, net of current obligations     331,951  
Total finance lease liabilities   $ 1,094,246  
Schedule of supplemental cash flow and other information related to leases
     
    Three Months Ended March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows related to operating leases   $ 52,216  
Financing cash flows related to finance leases   $ 323,728  
         
Weighted average remaining lease term (in years):        
Operating leases     1.10  
Finance leases     1.30  
         
Weighted average discount rate:        
Operating leases     4 %
Finance leases     7 %
Schedule of long-term obligations under the operating and finance leases
               
For the Twelve Months Ended March 31,   Operating Leases  

Finance

Leases

2023   $ 147,587     $ 632,920  
2024     37,020       446,136  
2025           71,765  
Total lease payments     184,607       1,150,821  
Less: Amounts representing interest     (4,394 )     (56,575 )
Total lease obligations     180,213       1,094,246  
Less: long-term obligations     (36,733 )     (331,951 )
 Total current   $ 143,480     $ 762,295