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LEASES (Tables)
12 Months Ended
Dec. 31, 2023
LEASES  
Lease Expense

Operating leases:

 

December 31, 2023

 

 

December 31, 2022

 

Assets:

 

 

 

 

 

 

Operating lease right-of-use asset

 

$467,935

 

 

$528,996

 

Liabilities:

 

 

 

 

 

 

 

 

Current Portion of Long-Term Operating Lease

 

$115,658

 

 

$100,282

 

Long-Term Operating Lease, Net of Current Portion

 

 

642,527

 

 

 

761,132

 

Total

 

$758,185

 

 

$861,414

 

Operating Lease

 

 

For the Year Ended December 31, 2023

 

 

For the Year Ended December 31, 2022

 

 

 

 

 

 

 

 

Operating lease expense

 

$157,315

 

 

$157,315

 

Other Information Related to Leases

 

 

December 31, 2023

 

 

December 31, 2022

 

 

Weighted-average remaining lease term:

 

 

 

 

 

 

Operating leases

 

 5.00 years 

 

 

 6.00 years 

 

 

 

 

 

 

 

 

Discount rate:

 

 

 

 

 

 

Operating leases

 

 

7.00%

 

 

7.00%
Supplemental Cash Flow Information related to leases

 

 

For the Year Ended December 31, 2023

 

 

For the Year Ended December 31, 2022

 

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

 

$160,290

 

 

$155,621

 

Maturities of Lease Payments

Year Ended:

 

Operating Lease

 

December 31, 2024

 

$165,098

 

December 31, 2025

 

 

170,051

 

December 31, 2026

 

 

175,153

 

December 31, 2027

 

 

180,408

 

December 31, 2028

 

 

185,819

 

Thereafter

 

 

33,751

 

Total minimum lease payments

 

 

910,281

 

Less:  Interest

 

 

152,096

 

Present value of lease obligations

 

 

758,185

 

Less: Current portion

 

 

115,658

 

Long-term portion of lease obligations

 

$642,527