Note 8 - Leases

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

8. LEASES

The following presents the various components of lease costs.

	Year Ended December 31,
	2022
Operating lease cost	$	1,942,765
Short-term lease cost		267,503
Total lease cost	$	2,210,268

The following table presents supplemental information relating to the cash flows arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of operating lease liabilities, and as such, are excluded from the amounts below.

	Year Ended December 31,
	2022
Operating cash outflows from operating leases	$	1,943

The following table presents the weighted-average lease term and discount rate for operating leases. 

	Year Ended December 31,
	2022
Operating leases
Weighted-average remaining lease term	4.2 yrs.
Weighted-average discount rate		4.00	%

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter. 

Years ending December 31,	Operating leases
2023	$	1,807
2024		1,409
2025		1,228
2026		1,038
2027		594
Thereafter		544
Imputed Interest (1)		(592	)
Total	$	6,028

⁽¹⁾ Imputed interest represents the difference between undiscounted cash flows and cash flows.