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Leases | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
LEASES | NOTE 4 – LEASES The Company’s lease costs recognized in the Consolidated Condensed Statements of Operations consist of the following:
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease charges (1) |  | $ | 448,449 |  |  | $ | 438,444 |  |  | $ | 1,260,440 |  |  | $ | 1,239,614 |
Finance lease charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 8,143 |  |  | $ | 8,143 |  |  | $ | 24,430 |  |  | $ | 20,519 |
Interest on lease obligations |  | $ | 1,799 |  |  | $ | 2,351 |  |  | $ | 5,820 |  |  | $ | 6,290 |
| (1) | Included in selling, general and administrative expenses.
The following is a schedule of the Company’s lease liabilities by contractual maturity as of September 30, 2023:
|  | Operating leases |  |  | Finance leases |
Remainder of 2023 |  | $ | 499,282 |  |  | $ | 9,544 |
2024 |  |  | 1,552,313 |  |  |  | 38,176 |
2025 |  |  | 599,356 |  |  |  | 38,176 |
2026 |  |  | 443,183 |  |  |  | 15,016 |
2027 |  |  | 72,652 |  |  |  | - |
Total undiscounted lease obligations |  |  | 3,166,786 |  |  |  | 100,912 |
Less imputed interest |  |  | (312,221 | ) |  |  | (9,799 | )
Total present value of lease liabilities |  |  | 2,854,565 |  |  |  | 91,113 |
Less current portion of lease liabilities |  |  | 1,762,488 |  |  |  | 32,453 |
Non-current lease liabilities |  | $ | 1,092,077 |  |  | $ | 58,660 |
Other lease information as of September 30, 2023:
|  | Operating leases |  |  | Finance leases |
Operating cash out flows from leases |  | $ | 1,073,837 |  |  | $ | 28,632 |
Weighted-average remaining lease term (years) |  |  | 2.21 |  |  |  | 2.64 |
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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