Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.23.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases  
Schedule of Components of Lease Expense

The components of lease expense were as follows:

 

    2022     2021  
    For the Year Ended  
    December 31,  
    2022     2021  
Operating lease cost:                
Amortization of right-of-use assets   $ 114,907     $ 87,276  
Interest on lease liabilities     83,702       3,035  
Lease payments on short term leases     23,811       -  
Total operating lease cost   $ 222,420     $ 90,311  
Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

    December 31,     December 31,  
    2022     2021  
Operating lease:                
Operating lease assets   $ 425,969     $ -  
                 
Current portion of operating lease liabilities   $ 86,235       -  
Noncurrent operating lease liabilities     341,680       -  
Total operating lease liability   $ 427,915     $ -  
                 
Weighted average remaining lease term:                
Operating leases     4.25 years       -  
                 
Weighted average discount rate:                
Operating lease     6.75 %     -  
Schedule of Supplemental Cash Flow Related to Operating Leases

Supplemental cash flow and other information related to operating leases was as follows:

 

    2022     2021  
    For the Year Ended  
    December 31,  
    2022     2021  
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash flows used for operating leases   $ 96,253     $ 201,525  
                 
Early extinguishment of lease:                
Lease liability terminated   $ 1,438,830     $ -  
Right-of use asset terminated     (1,418,682 )     -  
Gain on early extinguishment of lease   $ 20,148     $ -  
                 
Leased assets obtained in exchange for lease liabilities:                
Total operating lease liabilities   $ 1,962,998     $ -  
Schedule of Operating Lease Liability Maturity

Our anticipated future lease commitments on a calendar year basis in US dollars, excluding common area maintenance fees, under non-cancelable operating leases are as follows:

    Minimum  
Year Ending   Lease  
December 31,   Commitments  
2023   $ 112,508  
2024     107,632  
2025     99,186  
2026     102,162  
2027     78,336  
Total future minimum lease liabilities   $ 499,824