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Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
LEASES | NOTE 4 – LEASES During the quarter ended June 30, 2023, the Company entered into two new lease agreements, outlined below. Effective May 1, 2023 Mawson Ohio LLC took an assignment of a lease agreement for approximately 64,600 square foot for a undeveloped site in Corning, Ohio. The term of the lease is for four years, with an option to extend for five years. Effective May 24, 2023 Mawson Bellefonte LLC entered into a lease agreement for a 9,918 square foot developed mining facility in Bellefonte, PA. The term of the lease is for two years and seven months, with an option to extend for five years. The Company’s lease costs recognized in the Consolidated Condensed Statements of Operations consist of the following:
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease charges (1) |  | $ | 404,778 |  |  | $ | 434,977 |  |  | $ | 811,991 |  |  | $ | 802,112 |
Finance lease charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 8,143 |  |  | $ | 8,094 |  |  | $ | 16,287 |  |  | $ | 12,396 |
Interest on lease obligations |  | $ | 1,310 |  |  | $ | 2,468 |  |  | $ | 4,021 |  |  | $ | 3,946 |
(1) | Included in selling, general and administrative expenses.
The following is a schedule of the Company’s lease liabilities by contractual maturity as of June 30, 2023:
|  | Operating leases |  |  | Finance leases |
2023 |  | $ | 858,374 |  |  | $ | 19,088 |
2024 |  |  | 1,548,388 |  |  |  | 38,176 |
2025 |  |  | 592,926 |  |  |  | 38,176 |
2026 |  |  | 434,033 |  |  |  | 15,016 |
2027 |  |  | 70,191 |  |  |  | - |
Total undiscounted lease obligations |  |  | 3,503,912 |  |  |  | 110,456 |
Less imputed interest |  |  | (375,676 | ) |  |  | (11,597 |
Total present value of lease liabilities |  |  | 3,128,236 |  |  |  | 98,859 |
Less current portion of lease liabilities |  |  | 1,649,529 |  |  |  | 31,859 |
Non-current lease liabilities |  | $ | 1,478,707 |  |  | $ | 67,000 |
Other lease information as of June 30, 2023:
|  | Operating leases |  |  | Finance leases |
Operating cash out flows from leases |  | $ | 728,837 |  |  | $ | 19,088 |
Weighted-average remaining lease term (years) |  |  | 2.33 |  |  |  | 2.89 |
Weighted-average discount rate (%) |  |  | 8.9 | % |  |  | 7.5 | %

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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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