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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
LEASES | NOTE 5 – LEASES The Company’s operating leases are for mining sites and its finance leases are primarily for related plant and equipment. On February 2, 2024, the Company’s lease for a non-operating property in Sharon, Pennsylvania was terminated, and the Company exited the facility, which was a non-operating site for the Company. The Company’s lease costs recognized in the consolidated condensed statements of operations consist of the following:
|  | March 31, |
|  | 2024 |  |  | 2023 |
Operating lease charges (1) |  | $ | 397,894 |  |  | $ | 407,212 |
Finance lease charges: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 8,143 |  |  |  | 8,143 |
Interest on lease obligations |  |  | 1,507 |  |  |  | 2,080 |
(1) | Included in selling, general, and administrative expenses.
The following is a schedule of the Company’s lease liabilities by contractual maturity as of March 31, 2024:
|  | Operating leases |  |  | Finance leases |
2024 |  | $ | 920,838 |  |  | $ | 28,633 |
2025 |  |  | 325,554 |  |  |  | 38,176 |
2026 |  |  | 155,969 |  |  |  | 15,016 |
Total undiscounted lease obligations |  |  | 1,402,361 |  |  |  | 81,825 |
Less: imputed interest |  |  | (103,559 | ) |  |  | (6,638 | )
Total present value of lease liabilities |  |  | 1,298,802 |  |  |  | 75,187 |
Less: current portion of lease liabilities |  |  | 888,637 |  |  |  | 33,677 |
Non-current lease liabilities |  | $ | 410,165 |  |  | $ | 41,510 |
Other lease information as of and for the period ended March 31, 2024:
|  | Operating leases |  |  | Finance leases |
Operating cash out flows from leases |  | $ | 258,879 |  |  | $ | 9,544 |
Weighted-average remaining lease term (years) |  |  | 1.48 |  |  |  | 2.15 |
Weighted-average discount rate (%) |  |  | 10.00 | % |  |  | 7.50 | %

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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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