LEASES (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Leases [Abstract] |
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Schedule of Lease Balances Recorded in Balance Sheet |
The Company has the following lease balances recorded on the consolidated balance sheets as follows:
| | | | | | | | | | | | Lease Assets and Liabilities | Classification | December 31, 2022 | December 31, 2021 | Finance lease right-of-use asset | Asset, held for sale | $ | 15,709,039 | | $ | — | | Finance lease right-of-use asset | Finance lease - right to use asset, net | 2,911,458 | | 15,033,000 | | Operating lease right-of-use asset | Other current assets | 42,061 | | 46,897 | | Total right of use assets | | $ | 18,662,558 | | $ | 15,079,897 | | | | | | Operating lease liability - current | Accrued expenses and other liabilities | $ | 5,211 | | $ | 4,388 | | Operating lease liability - long-term | Other liabilities | 40,193 | | 45,403 | | Finance lease liability | Lease liability - held for sale | 12,021,566 | | — | | Finance lease liability, current portion | Finance lease - Right of use lease liability | 409,143 | | 13,043,499 | | Finance lease liability | Finance lease - Right of use lease liability, long term portion | 406,968 | | — | | Total lease liabilities | | $ | 12,883,081 | | $ | 13,093,290 | |
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Schedule of Supplemental Cash Flow Information Related to Operating Leases |
The Company has the following lease costs recorded in the consolidated statements of operations as follows: | | | | | | | | | | Year Ended December 31, | | 2022 | 2021 | Finance lease cost: | | | Amortization of right-of-use assets | $ | 539,115 | | $ | — | | Interest on lease liabilities | 829,924 | | — | | Operating lease cost | 10,099 | | 10,099 | | Total lease cost | $ | 1,379,138 | | $ | 10,099 | | | | | Other information | | | Operating cash flows from operating leases | 9,650 | | 9,350 | | Financing cash flows from finance leases | 3,062,360 | | — | | Right-of-use assets and finance lease liabilities acquired with LINICO transaction (Note 2) | — | | 15,033,000 | | Non-cash modification of AQMS lease | 1,147,669 | | — | | Right-of-use asset and lease acquired (AST) | 839,439 | | — | | Right-of-use acquired with shares of common stock (Haywood) | 2,100,000 | | — | |
The Company has the following weighted average remaining lease terms and discount rates for our finance and operating leases:
| | | | | | | | | | 2022 | 2021 | Weighted-average remaining lease term - finance leases | 1.33 | 0.75 | Weighted-average remaining lease term - operating leases | 5.75 | 6.75 | Weighted-average discount rate - finance leases | 8 | % | 6 | % | Weighted-average discount rate - operating leases | 11 | % | 11 | % |
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Schedule of Assets and Liabilities Held for Sale |
Assets held for sale at December 31, 2022 include: | | | | | | | 12/31/22 | Right of use lease asset, net of amortization | $ | 15,709,039 | | Lease intangible, net of amortization | 3,501,939 | | Deposits | 1,250,000 | | Property, plant and equipment | 710,563 | | Construction in progress | 513,324 | | Total assets held for sale | $ | 21,684,865 | |
Liabilities held for sale at December 31, 2022 include:
| | | | | | | 12/31/22 | Right of use lease liability | $ | 12,021,566 | | Total liabilities held for sale | $ | 12,021,566 | |
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Schedule of Maturities of Lease Liabilities |
Minimum lease payments to be paid by the Company by fiscal year for the Company's operating and finance leases are as follows:
| | | | | | | | | | | | | Operating Leases | | Finance Leases | 2023 | $ | 9,950 | | | $ | 451,169 | | 2024 | 10,250 | | | 417,750 | | 2025 | 10,550 | | | — | | 2026 | 10,850 | | | — | | 2027 | 11,150 | | | — | | Thereafter | 9,500 | | | — | | Total lease payments | 62,250 | | | 868,919 | | Less: imputed interest | (16,846) | | | (52,808) | | Present value of lease liabilities | 45,404 | | | 816,111 | |
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Schedule of Lease Income |
Minimum lease payments for operating leases to be received from others are as follows:
| | | | | | 2023 | $ | 86,325 | | 2024 | 94,725 | | 2025 | 96,000 | | 2026 | 96,000 | | 2027 | 96,000 | | Thereafter | 192,000 | | Total Minimum Lease Income | $ | 661,050 | |
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