Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

v3.23.3
Lease Obligations
 9 Months Ended
Sep. 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:

 

    September 30,     December 31,  
Operating Leases   2023     2022  
Right-Of-Use Assets   $ 1,344,160     $ 784,683  
                 
Lease Liability:                
Right-Of-Use Asset - Office Leases - Current     460,464       324,594  
Right-Of-Use Asset - Office Leases - Non-Current     858,214       460,089  
    $ 1,318,678     $ 784,683  

 

Rent expense for the nine months ended September 30, 2023 and 2022 totaled $383,190 and $333,072, respectively.

 

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

 

2024   $ 504,630  
2025     399,245  
2026     188,359  
2027     192,126  
2028     97,176  
    $ 1,381,536  

 

As of September 30, 2023, the Company’s operating leases had a weighted average remaining lease term of 1.75 years and a weighted average discount rate of 4%.