Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.23.3
LEASES (Tables)
9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
SCHEDULE OF COMPONENTS OF LEASE EXPENSE

The components of lease expense, which are included in selling, general and administrative expense and depreciation and amortization for the nine months ended September 30, 2023, and 2022 are as follows:

 

                 
Components of lease expense:  

2023

   

2022
 
Amortization of right-of-use  assets - finance lease   $ 32,081     $  
Interest on lease liabilities - finance lease     8,634        
Operating lease cost     9,972        
Total lease cost   $ 50,687     $  
SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES

Supplemental balance sheet information relating to leases was as follows as of September 30, 2023 and December 31,2022:

 

Operating leases:  

2023

    2022  
Operating lease right-of-use assets   $ 392,347     $  
Operating lease liability, current   $ 90,863     $  
Operating lease liability, long-term   $ 307,397     $  

 

Finance leases:  

2023

    2022  
Finance lease right-of-use asset, gross   $ 1,294,168     $  
Accumulated amortization     (32,081 )      
Finance lease right-of-use asset, net     1,262,087        
Finance lease liability, current portion     358,282        
Finance lease liability, long-term     929,570        
Total finance lease liabilities   $ 1,287,852     $  

 

Weighted-average remaining lease term:  

2023

    2022  
Operating leases (in years)     3.83        
Finance leases (in years)     3.50        

 

Weighted-average discount rate:  

2023

    2022  
Operating leases     8.07 %      
Finance leases     8.01 %      
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE

Future minimum lease payment under non-cancellable lease as of September 30, 2023, are as follows:

 

  Operating Leases     Finance Leases  
Remaining 2023   $ 28,431     $ 112,126  
2024     121,726       448,505  
2025     121,726       448,505  
2026     121,726       270,395  
2027 and thereafter     71,007       202,970  
Total undiscounted cash flows     464,616       1,482,501  
Less discounting     (66,356 )     (194,649 )
Present value of lease liabilities   $ 398,260     $ 1,287,852