LEASES

3 Months Ended

Mar. 31, 2024

LEASES

LEASES

NOTE 11 — LEASES

The following table depicts the Company’s future annual minimum leases payments as of March 31, 2024:

	Operating
	Leases
Consumer
2024	$	415,526
2025		412,271
2026		354,998
2027		50,114
2028		-
Thereafter		-
Total minimum lease payments		1,232,909
Less imputed interest		(65,819	)
Sub-total		1,167,090
Commercial
2024		1,048,490
2025		1,321,298
2026		474,320
2027		33,454
2028		-
Thereafter		-
Total minimum lease payments		2,877,562
Less imputed interest		(118,652	)
Sub-total		2,758,910
Total		3,926,000
Current portion		1,840,082
	$	2,085,918

All of the Company’s facilities leases as of March 31, 2024 are non-cancellable and triple net, for which it pays its proportionate share of common area maintenance, property taxes and property insurance. Leasing costs for the three months ended March 31, 2024 and 2023 were $784,735 and $659,616, respectively, comprised of a combination of minimum lease payments and variable lease costs.

As of March 31, 2024, the weighted average remaining lease term and weighted average discount rate for operating leases were 2.3 years and 4.3%. As of March 31, 2023, the weighted average remaining lease term and weighted average discount rate for operating leases were 3.3 years and 4.4%.