Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

Note 9 – Leases

The following table presents the Company’s ROU assets and lease liabilities as of June 30, 2024 and December 31, 2023:

Lease Classification	June 30, 2024		December 31, 2023
ROU Assets:
Operating	$	839,302	$	-
Financing		-		138
Total ROU assets	$	839,302	$	138
Liabilities
Current:
Operating	$	160,480	$	147,943
Finance		-		280
Noncurrent:
Operating		1,938,571		2,021,616
Finance		-		-
Total lease liabilities	$	2,099,051	$	2,169,839

Maturities of lease liabilities as of June 30, 2024 by fiscal year are as follows:

Maturity of Lease Liabilities	Operating			Finance		Total
2024 (July to December)	$	180,790		$	-	$	180,790
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		3,053,618			-		3,053,618
Less: Interest		(954,567	)		-		(954,567	)
Present value of lease liabilities	$	2,099,051		$	-	$	2,099,051

Condensed consolidated statements of operations classification of lease costs as of the three and six months ended June 30, 2024 and 2023 are as follows:

		Three months ended June 30,					Six months ended June 30,
Lease Cost	Classification	2024		2023			2024		2023
Operating	Operating expenses	$	58,496	$	171,506	$	116,992	$	309,303
Finance:
Amortization	Operating expenses		-		838		138		1,667
Interest expense	Other expenses		-		-		-		-
Total lease costs		$	58,496	$	172,344	$	117,130	$	310,970

Other lease information as of June 30, 2024 is as follows:

Other Information	Total
Weighted average remaining lease term (in years)
Operating leases		7.7
Finance leases		-
Weighted average discount rate:
Operating leases		10.0	%
Finance leases		-	%

Supplemental cash flow information as of the six months ended June 30, 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	$	116,992	$	309,303
Finance leases	$	-	$	-
Cash used in financing activities
Finance leases	$	280	$	1,682
ROU assets obtained in exchange for lease obligations:
Operating leases	$	-	$	801,321