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LEASES | 12 Months Ended
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Dec. 31, 2023
LEASES |
LEASES | NOTE 15 — LEASES The Company has ten operating leases, five in DFW, two in Mt. Pleasant, South Carolina, two in Chandler, Arizona and one in Scottsdale, Arizona. The commercial segment has two leases in Chandler, Arizona and two leases in DFW, with a total of approximately 246,000 square feet under lease. The consumer segment has two leases in Mt. Pleasant, South Carolina, three leases in DFW, and one lease in Scottsdale, Arizona, with a total of approximately 28,000 square feet under lease. All ten leases are triple net leases that pay their proportionate amount of common area maintenance, property taxes and property insurance. Leasing costs for Fiscal 2023 included minimum lease costs of $ 1,911,766 and variable lease costs of $ 834,793, totaling $ 2,751,559. Leasing costs for Fiscal 2022 included minimum lease costs of $ 1,830,175 and variable lease costs of $ 767,353, totaling 2,597,528. As of December 31, 2023, the weighted average remaining lease term and weighted average discount rate for operating leases was 2.00 years and 4.4%, respectively. The Company’s future operating lease obligations that have not yet commenced are immaterial. The cash paid for operating lease liabilities for Fiscal 2023 and Fiscal 2022 was $2,755,496 and $2,564,815, respectively. Future annual minimum lease payments as of December 31, 2023:
|  | Operating |
|  | Leases |
Consumer |  |  |
2024 |  |  | 552,414 |
2025 |  |  | 434,274 |
2026 |  |  | 355,000 |
2027 |  |  | 50,114 |
2028 and thereafter |  |  | - |
Total minimum lease payments |  |  | 1,391,802 |
Less imputed interest |  |  | (79,287 | )
Consumer Sub-Total |  |  | 1,312,515 |
Commercial |  |  |  |
2024 |  |  | 1,396,129 |
2025 |  |  | 1,321,297 |
2026 |  |  | 474,326 |
2027 |  |  | 33,454 |
2028 and thereafter |  |  | - |
Total minimum lease payments |  |  | 3,225,206 |
Less imputed interest |  |  | (169,321 | )
Commercial Sub-Total |  |  | 3,055,885 |
Total |  |  | 4,368,400 |
Current portion |  |  | 1,807,729 |
|  | $ | 2,560,671 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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