General form of registration statement for all companies including face-amount certificate companies

Leases (Tables)

v3.23.4
Leases (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Leases    
Schedule of Components of Lease Expense

The components of lease expense were as follows:

 

    2023     2022  
    For the Nine Months Ended  
    September 30,  
    2023     2022  
Operating lease cost:                
Amortization of right-of-use assets   $ 34,391     $ 33,431  
Interest on lease liabilities     11,379       26,463  
Lease payments on short term leases     1,290       12,590  
Total operating lease cost   $ 47,060     $ 72,484  

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:

 

    September 30,     December 31,  
    2023     2022  
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     None       4.25 years  
                 
Weighted average discount rate:                
Operating lease     6.75 %     6.75 %

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:

 

    2023     2022  
    For the Nine Months Ended  
    September 30,  
    2023     2022  
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows used for operating leases   $ 31,940     $ 38,725  
                 
Leased assets obtained in exchange for lease liabilities:                
Total operating lease liabilities   $ -     $ 1,535,706  
                 
Gain on early extinguishment of debt:   $ 4,397     $ -  

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