Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

v3.23.2
Lease Obligations
 6 Months Ended
Jun. 30, 2023
Lease Obligations [Abstract]  
LEASE OBLIGATIONS
O. LEASE OBLIGATIONS:

 

The following is a summary of the Company’s right of use assets and lease liabilities as of:

 

    June 30,     December 31,  
Operating Leases   2023     2022  
Right-Of-Use Assets   $ 1,470,140     $ 784,683  
                 
Lease Liability:                
Right-Of-Use Asset - Office Leases - Current     676,036       324,594  
Right-Of-Use Asset - Office Leases - Non-Current     762,946       460,089  
    $ 1,438,981     $ 784,683  

 

Rent expense for the six months ended June 30, 2023 and 2022 totaled $220,712 and $221,901, respectively.

 

The following is a schedule by years of future minimum lease payments:

 

2024   $ 501,393  
2025     482,074  
2026     187,115  
2027     190,854  
2028     161,960  
    $ 1,523,396  

 

As of June 30, 2023, the Company’s operating leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 4%.