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Leases

6 Months Ended

Jun. 30, 2023

Note 9 – Leases

The following table presents the Company’s ROU assets and lease liabilities as of June 30, 2023 and December 31, 2022:

Lease Classification	June 30, 2023		December 31, 2022
ROU Assets:
Operating	$	2,041,010	$	1,459,413
Financing		1,833		3,500
Total ROU assets	$	2,042,843	$	1,462,913
Liabilities
Current:
Operating	$	517,602	$	377,626
Finance		1,962		3,364
Noncurrent:
Operating		2,987,194		2,566,138
Finance		—		280
Total lease liabilities	$	3,506,758	$	2,947,408

Maturities of lease liabilities as of June 30, 2023 by fiscal year are as follows:

Maturity of Lease Liabilities		Operating			Finance		Total
	2023 (July to December)	$	410,458		$	1,682	$	412,140
	2024		827,380			280		827,660
	2025		734,694			—		734,694
	2026		582,578			—		582,578
	2027		592,981			—		592,981
	Thereafter		1,737,688			—		1,737,688
	Total lease payments		4,885,779			1,962		4,887,741
	Less: Interest		(1,380,983	)		—		(1,380,983	)
	Present value of lease liabilities	$	3,504,796		$	1,962	$	3,506,758

Condensed consolidated statements of operations classification of lease costs as of the three and six months ended June 30, 2023 and 2022 are as follows:

		Three months ended June 30,				Six months ended June 30,
Lease Cost	Classification	2023		2022		2023		2022
Operating	Operating expenses	$	171,506	$	152,784	$	309,303	$	327,699
Finance:
Amortization	Operating expenses		838		31,096		1,667		70,807
Interest expense	Other expenses		—		509		—		1,414
Total lease costs		$	172,344	$	184,389	$	310,970	$	399,920

Other lease information as of June 30, 2023 is as follows:

Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		6.5
Finance leases		0.6
Weighted average discount rate:
Operating leases		9.7	%
Finance leases		1.0	%

Supplemental cash flow information as of the six months ended June 30, 2023 and 2022 is as follows:

Supplemental Cash Flow Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Cash used in operating activities
Operating leases	$	309,303	$	327,699
Finance leases	$	—	$	1,414
Cash used in financing activities
Finance leases	$	1,682	$	28,101
ROU assets obtained in exchange for lease obligations:
Operating leases	$	801,321	$	—