Annual report pursuant to Section 13 and 15(d)

Lease Obligations

v3.23.1
Lease Obligations
 12 Months Ended
Dec. 31, 2022
Lease Obligations [Abstract]  
LEASE OBLIGATIONS
N. LEASE OBLIGATIONS:

 

The following is a summary of the Company’s right of use assets and lease liabilities as of December 31,:

 

Operating Leases   2022     2021  
Right-Of-Use Assets   $ 784,683     $ 1,094,778  
                 
Lease Liability:                
Right-Of-Use Asset - Office Leases - Current     324,594       310,095  
Right-Of-Use Asset - Office Leases - Non-Current     460,089       784,683  
    $ 784,683     $ 1,094,778  

 

Rent expense for the years ended December 31, 2022 and 2021 totaled $456,703 and $388,769, respectively.

 

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

 

2023     $ 325,250  
2024       322,491  
2025       136,942  
2026      
-
  
2027      
-
  
      $ 784,683  

 

As of December 31, 2022, the Company’s operating leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 2%.