Leases

3 Months Ended

Mar. 31, 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 table includes the ROU assets and operating lease liabilities as of March 31, 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.

Right of Use Asset	Balance March 31, 2023		Balance December 31, 2022
Operating Lease Right-Of-Use Assets	$	1,255,835	$	1,341,029

Operating Lease Liability	Balance March 31, 2023		Balance December 31, 2022
Short-Term Operating Lease Liabilities	$	361,576	$	356,400
Long-Term Operating Lease Liabilities		934,674		1,026,978
Total	$	1,296,250	$	1,383,378

Maturity analysis under these lease agreements are as follows:

Maturity Analysis	Balance March 31, 2023
2023 (remaining)	$	323,152
2024		319,215
2025		130,863
2026		128,822
2027		131,626
Thereafter		572,681
Total		1,606,359
Less Imputed Interest		(310,109)
Present Value of Operating Leases	$	1,296,250

The following summarizes other information related to leases for the quarter ended March 31, 2023 as follows:

Weighted Average Remaining Lease Term (Years)	6.78
Weighted Average Discount Rate	6.00%

We amortize our leases over the shorter of the term of the lease or the useful life of the asset. Lease expense for the three months ended March 31, 2023 and 2022 was $105,608 and $87,289, respectively.