Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2023
Leases  
Schedule of components of lease expense
       
    Three Months Ended
June 30, 2022
Finance leases:        
Amortization of assets, included in depreciation and amortization expense   $ 264,933  
Interest on lease liabilities, included in interest expense     16,199  
Operating lease:        
Amortization of assets, included in total operating expense     57,711  
Interest on lease liabilities, included in total operating expense     250  
Total net lease cost   $ 339,093  

 

    Six Months Ended June 30, 2023
Finance leases:        
Amortization of assets, included in depreciation and amortization expense   $ 436,708  
Interest on lease liabilities, included in interest expense     41,062  
Operating lease:        
Amortization of assets, included in total operating expense     109,623  
Interest on lease liabilities, included in total operating expense     2,706  
Total net lease cost   $ 590,099  
Supplemental balance sheet information related to leases was as follows:        
         
Operating Leases:        
         
Operating lease right-of-use asset   $ 124,475  
         
Current operating lease liabilities   $ 117,627  
Noncurrent operating lease liabilities     9,226  
Total operating lease liabilities   $ 126,853  

 

    As of June 30, 2023
Finance leases:        
Property and equipment, at cost   $ 5,521,716  
Accumulated amortization     (3,959,520 )
Property and equipment, net   $ 1,562,196  
         
Current obligations of finance leases   $ 647,894  
Finance leases, net of current obligations     225,593  
Total finance lease liabilities   $ 873,487  
Schedule of supplemental cash flow and other information related to leases
       
    Six Months Ended June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows related to operating leases   $ 105,576  
Financing cash flows related to finance leases   $ 544,487  
         
Weighted average remaining lease term (in years):        
Operating leases     1.01  
Finance leases     2.80  
         
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 June 30,   Operating Leases   Finance Leases
2023   $ 120,238     $ 649,356  
2024     9,255       263,826  
Total lease payments     129,493       913,182  
Less: Amounts representing interest     (2,640 )     (39,695 )
Total lease obligations     126,853       873,487  
Less: long-term obligations     (9,226 )     (225,593 )
 Total current   $ 117,627     $ 647,894