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Leases
 3 Months Ended
Mar. 31, 2024
Leases  
Leases

Note 9 – Leases

 

The following table presents the Company’s ROU assets and lease liabilities as of March 31, 2024 and December 31, 2023:

 

               
Lease Classification   March 31,
2024		     December 31,
2023		  
    (As Restated)        
ROU Assets:                
Operating   $ 844,705     $ -  
Financing     -       138  
Total ROU assets   $ 844,705     $ 138  
                 
Liabilities                
Current:                
Operating   $ 154,117     $ 147,943  
Finance     -       280  
Noncurrent:                
Operating     1,981,428       2,021,616  
Finance     -       -  
Total lease liabilities   $ 2,135,545     $ 2,169,839  

 

Maturities of lease liabilities as of March 31, 2024 by fiscal year are as follows:

 

                       
Maturity of Lease Liabilities   Operating     Finance     Total  
2024 (April to December)   $ 270,377     $ -     $ 270,377  
2025     368,179       -       368,179  
2026     378,279       -       378,279  
2027     388,682       -       388,682  
2028     399,388       -       399,388  
Thereafter     1,338,300       -       1,338,300  
Total lease payments     3,143,205       -       3,143,205  
Less: Interest     (1,007,660 )     -       (1,007,660 )
Present value of lease liabilities   $ 2,135,545     $ -     $ 2,135,545  

 

Condensed consolidated statements of operations classification of lease costs as of the three months ended March 31, 2024 and 2023 are as follows:

 

                     
          Three months ended
March 31,		  
Lease Cost   Classification     2024     2023  
Operating   Operating expenses     $ 58,496     $ 137,797  
Finance:                      
Amortization   Operating expenses       138       829  
Interest expense   Other expenses       -       -  
Total lease costs         $ 58,634     $ 138,626  

 

Other lease information as of March 31, 2024 is as follows:

 

       
Other Information   Total  
Weighted average remaining lease term (in years)        
Operating leases     7.9  
Finance leases     -  
Weighted average discount rate:        
Operating leases     10.0 %
Finance leases     - %

 

Supplemental cash flow information as of the three months ended March 31, 2024 and 2023 is as follows:

 

               
Supplemental Cash Flow Information   2024     2023  
Cash paid for amounts included in the measurement of lease liabilities                
Cash used in operating activities                
Operating leases   $ 58,496     $ 137,797  
Finance leases   $ -     $ -  
Cash used in financing activities                
Finance leases   $ 280     $ 841  
ROU assets obtained in exchange for lease obligations:                
Operating leases   $ -     $ 801,321