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LEASES (Tables)
12 Months Ended
Dec. 31, 2022
LEASES  
Lease Expense

Operating leases:

 

December 31,

2022

 

 

December 31,

2021

 

Assets:

 

 

 

 

 

 

Operating lease right-of-use asset

 

$528,996

 

 

$583,271

 

Liabilities:

 

 

 

 

 

 

 

 

Current Portion of Long-Term Operating Lease

 

$100,282

 

 

$91,775

 

Long-Term Operating Lease, Net of Current Portion

 

 

761,132

 

 

 

861,415

 

 

 

$861,414

 

 

$953,190

 

Operating Lease

 

 

For the Year Ended December 31, 2022

 

 

For the Year Ended December 31, 2021

 

 

 

 

 

 

 

 

Operating lease expense

 

$157,315

 

 

$157,315

 

Other Information Related to Leases

 

 

December 31,

2022

 

 

December 31,

2021

 

 

Weighted-average remaining lease term:

 

 

 

 

 

 

Operating leases

 

 6.00 years 

 

 

 7.00 years 

 

 

 

 

 

 

 

 

Discount rate:

 

 

 

 

 

 

Operating leases

 

 

7.00%

 

 

7.00%
Supplemental Cash Flow Information related to leases

 

 

For the Year Ended December 31, 2022

 

 

For the Year Ended December 31, 2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

$155,621

 

 

$151,088

 

Maturities of Lease Payments

Year Ended:

 

Operating

Lease

 

December 31, 2023

 

 

160,290

 

December 31, 2024

 

 

165,098

 

December 31, 2025

 

 

170,051

 

December 31, 2026

 

 

175,153

 

December 31, 2027

 

 

180,407

 

Thereafter

 

 

219,571

 

Total minimum lease payments

 

 

1,070,571

 

Less:  Interest

 

 

209,156

 

Present value of lease obligations

 

 

861,415

 

Less: Current portion

 

 

100,282

 

Long-term portion of lease obligations

 

$761,132