Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

v3.23.1
Lease Obligations
 3 Months Ended
Mar. 31, 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:

 

    March 31,     December 31,  
Operating Leases   2023     2022  
Right-Of-Use Assets   $ 775,742     $ 784,683  
                 
Lease Liability:                
Right-Of-Use Asset - Office Leases - Current     320,197       324,594  
Right-Of-Use Asset - Office Leases - Non-Current     455,545       460,089  
    $ 775,742     $ 784,683  

 

Rent expense for the three months ended March 31, 2023 and 2022 totaled $104,687 and $105,502, respectively.

 

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

 

2023   $ 320,197  
2024     322,491  
2025     133,054  
2026    
-
  
2027    
-
  
    $ 775,742  

 

As of March 31, 2023, the Company’s operating leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 2%.