Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.23.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Schedule of Future Lease Payments of Operating Lease and Finance Lease
Future lease payments associated with these operating and financing leases as of March 31, 2023 are as follows:
2023 2024 2025 2026 2027
Operating lease payments (1)
$ 355,848  $ 482,328  $ 494,692  $ 398,096  $ 216,000 
Financing lease payments (2)
618,755  758,735  410,706  3,807  — 

(1)The weighted average discount rate as of March 31, 2023 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $172,624. The weighted average remaining term of operating leases was 4.04 years.
(2)The weighted average discount rate as of March 31, 2023 for financing leases was 5.94%. Based on this rate, the future lease payments above include imputed interest of $123,075. The weighted average remaining term of financing leases was 2.36 years.
Schedule Of Reconciliation Between The Undiscounted Future Cash Flows And The Operating And Financing Lease Liabilities The following table represents a reconciliation between the undiscounted future cash flows in the table above and the operating and financing lease liabilities disclosed in the Condensed Balance Sheets:
As of
March 31, 2023 December 31, 2022
Operating lease liability, current portion 404,834  398,362 
Operating lease liability, non-current portion 1,369,506  1,473,897 
Operating lease liability, total 1,774,340  1,872,259 
Total undiscounted future cash flows (sum of future operating lease payments) 1,946,964  2,065,580 
Imputed interest 172,624  193,321 
Undiscounted future cash flows less imputed interest 1,774,340  1,872,259 
Financing lease liability, current portion 745,537  709,653 
Financing lease liability, non-current portion 923,391  1,052,479 
Financing lease liability, total 1,668,928  1,762,132 
Total undiscounted future cash flows (sum of future financing lease payments) 1,792,003  1,900,595 
Imputed interest 123,075  138,463 
Undiscounted future cash flows less imputed interest 1,668,928  1,762,132 
Schedule of Lease Cost
The following table provides supplemental information regarding cash flows from operations:
For the Three Months Ended
March 31, 2023 March 31, 2022
Operating lease costs $ 113,138  $ 83,590 
Short-term lease costs (1)
1,213,799  715,803 
Financing lease costs:
Amortization of financing lease assets (2)
186,028  116,615 
Interest on lease liabilities (3)
25,431  6,513 

(1)Amount included in Lease operating expenses
(2)Amount included in Depreciation, depletion and amortization
(3)Amount included in Interest (expense)