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LEASES

3 Months Ended

Mar. 31, 2024

NOTE 12 – LEASES

The Company has various operating and finance lease agreements with terms up to 10 years, for various types of property and equipment (such as office space and vehicles) etc. Some leases include options to purchase, terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.

Operating Leases

The Company’s weighted-average remaining lease term relating to its operating leases is 4.06 years, with a weighted-average discount rate of 6.74%.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of March 31, 2024:

Maturity of Operating Lease Liability
2024		229,013
2025		221,708
2026		161,619
2027 and thereafter		269,758
Total undiscounted operating lease payments	$	882,098
Less: Imputed interest		(110,244	)
Present value of operating lease liabilities	$	771,854

The Company incurred lease expense, due to amortization of operating lease right-of-use assets, of $77,167 and $55,354 which was included in “General and administrative expenses,” for the three months ended March 31, 2024 and 2023, respectively.

Finance Leases

The Company’s weighted-average remaining lease term relating to its finance leases is 1.42 years, with a weighted-average discount rate of 6.74%.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s finance leases as of March 31, 2024:

Maturity of Lease Liability
2024		24,970
2025		13,586
2026		3,593
Total undiscounted finance lease payments	$	42,150
Less: Imputed interest		(1,827	)
Present value of finance lease liabilities	$	40,322

The Company had financing cash flows used in finances leases of $8,737 and $35,596 for the three months ended March 31, 2024 and 2023, respectively.

The Company incurred interest expense on its finance leases of $725 and $6,219 which was included in “Interest expense,” for the three months ended March 31, 2024 and 2023, respectively. The Company incurred amortization expense on its finance leases of $7,489 and $30,710 which was included in “Depreciation and amortization expense,” for the three months ended March 31, 2024 and 2023, respectively.