Leases

9 Months Ended

Sep. 30, 2023

Disclosure Text Block [Abstract]

Lessee, Operating Leases [Text Block]

Note 3 – Leases

Under FASB’s ASU 2016-02, “Leases,” which, together with its related clarifying ASUs, provided revised guidance for lease accounting and related disclosure requirements and established a right-to-use (ROU) model that requires lessees to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. The ASU also requires disclosures to allow financial statement users to better understand the amount, timing and uncertainty of cash flows arising from leases. These disclosures include qualitative requirements, providing additional information about the amounts recorded in the financial statements.    

The following tables include the ROU assets and operating lease liabilities as of September 30, 2023, and December 31, 2022. Short-term operating lease liabilities are included in current liabilities in other accrued liabilities. Long-term operating lease liabilities are included in noncurrent liabilities in other accrued liabilities.

	Balance September 30, 2023		Balance December 31, 2023
Right of Use Assets
Operating Lease Right-Of-Use Assets	$	1,276,743	$	1,341,029

	Balance September 30, 2023		Balance December 31, 2022
Operating Lease Liabilities
Short-Term Operating Lease Liabilities	$	382,423	$	356,400
Long-Term Operating Lease Liabilities		928,271		1,026,978
Total	$	1,310,694	$	1,383,378

Maturity analysis under these lease agreements are as follows:

	Balance September 30, 2023
Maturity Analysis
2023 (remaining)	$	126,735
2024		396,766
2025		208,414
2026		167,639
2027		131,626
Thereafter		572,681
Total		1,603,861
Less Imputed interest		(293,167)
Present Value of Operating Leases	$	1,310,694

The following summarizes other information related to leases for the quarter ended September 30, 2023, as follows:

Weighted Average Remaining Lease Term (Years)	6.35
Weighted Average Discount Rate	6.05%

We amortize our leases over the shorter of the term of the lease or the useful life of the asset. Lease expenses for the three and nine months ended September 30, 2023, were $123,588 and $334,295. Lease expenses for the three and nine months ended September 30, 2022, were $89,040 and $269,046.