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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 16 – RELATED PARTY TRANSACTIONS

 

On January 1, 2023, the Company entered into a lease agreement for the Company’s Chesapeake location with an entity controlled by the Company’s Chief Executive Officer. Under the terms of the lease agreement, the Company pays $9,000 per month in rent, increasing 3% on January 1st of each year. The lease expires on January 1, 2025 and the Company has two options to extend the lease by a term of five years per option.

 

As of March 31, 2023, the Company leases 13 scrap yard facilities by an entity controlled by the Company’s Chief Executive Officer, including the lease for the Chesapeake location described above. During the three months ended March 31, 2023, the Company had a rent expense of $672,557 to an entity controlled by the Company’s Chief Executive Officer. As of March 31, 2023 and December 31, 2022, the Company owed $847,474 and 317,781, respectively, in accrued rent to an entity controlled by the Company’s Chief Executive Officer. See Note 11 – Leases.