| SCHEDULE OF LEASE COST |
The
table below presents the lease costs for the three months ended March 31, 2023 and 2022:
SCHEDULE
OF LEASE COST
| | |
2023 | | |
2022 | |
| | |
Three Months Ended | |
| | |
March 31, | |
| | |
2023 | | |
2022 | |
| | |
| | |
| |
| Operating lease cost | |
$ | 165,186 | | |
$ | 287,670 | |
| | |
| | | |
| | |
| Finance lease cost: | |
| | | |
| | |
| | |
| | | |
| | |
| Amortization of right-of-use assets | |
| - | | |
| 44,468 | |
| Interest on lease liabilities | |
| - | | |
| 7,312 | |
| | |
| | | |
| | |
| Total lease cost | |
$ | 165,186 | | |
$ | 339,450 | |
|
| SCHEDULE OF OTHER INFORMATION RELATED TO LEASES |
The
following table presents other information related to leases:
SCHEDULE
OF OTHER INFORMATION RELATED TO LEASES
| | |
2023 | | |
2022 | |
| | |
Three Months Ended | |
| | |
March 31, | |
| | |
2023 | | |
2022 | |
| | |
| | |
| |
| Cash paid for amounts included in the measurement of lease liabilities: | |
| | | |
| | |
| | |
| | | |
| | |
| Operating cash flows used for operating leases | |
$ | 245,924 | | |
$ | 263,616 | |
| Financing cash flows used for financing leases | |
| - | | |
| 49,661 | |
| | |
| | | |
| | |
| Assets obtained in exchange for operating lease liabilities | |
| - | | |
| - | |
| | |
| | | |
| | |
| Assets obtained in exchange for finance lease liabilities | |
| - | | |
| 4,739 | |
| | |
| | | |
| | |
| Weighted average remaining lease term: | |
| | | |
| | |
| Operating leases | |
| 7.8 years | | |
| 8.8 years | |
| Finance leases | |
| 3.2 years | | |
| 4.1 years | |
| | |
| | | |
| | |
| Weighted average discount rate: | |
| | | |
| | |
| Operating leases | |
| 5.60 | % | |
| 5.60 | % |
| Finance leases | |
| 5.16 | % | |
| 5.16 | % |
|
| SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS REQUIRED UNDER OPERATING AND FINANCING LEASE OBLIGATIONS |
The
future minimum lease payments required under operating and financing lease obligations as of March 31, 2023 having initial or remaining
non-cancelable lease terms in excess of one year are summarized as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS REQUIRED UNDER OPERATING AND FINANCING LEASE OBLIGATIONS
| | |
Operating Leases | | |
Finance Leases | | |
Total | |
| | |
| | |
| | |
| |
| Remainder of 2023 | |
$ | 803,427 | | |
$ | 139,080 | | |
$ | 942,507 | |
| 2024 | |
| 955,272 | | |
| 139,080 | | |
| 1,094,352 | |
| 2025 | |
| 870,000 | | |
| 139,080 | | |
| 1,009,080 | |
| 2026 | |
| 870,000 | | |
| 68,395 | | |
| 938,395 | |
| 2027 | |
| 870,000 | | |
| - | | |
| 870,000 | |
| Thereafter | |
| 2,682,500 | | |
| - | | |
| 2,682,500 | |
| | |
| | | |
| | | |
| | |
| Total undiscounted lease liabilities | |
| 7,051,199 | | |
| 485,635 | | |
| 7,536,834 | |
| Less: imputed interest | |
| (1,291,023 | ) | |
| (42,108 | ) | |
| (1,333,131 | ) |
| | |
| | | |
| | | |
| | |
| Net lease liabilities | |
$ | 5,760,176 | | |
$ | 443,527 | | |
$ | 6,203,703 | |
|