Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.23.1
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Summary of Other Balance Sheet Information Related to Operating Leases

Other Balance Sheet information related to operating leases as of December 31 was as follows:

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

Operating leases, Right-of-use assets, net

$

5,009,954

 

 

$

767,382

 

Weighted average remaining lease term, in years

 

11

 

 

 

5

 

Weighted Average Discount Rate

 

13

%

 

 

5

%

 

 

 

 

 

 

The following table presents the balance of Operating lease obligations:

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities (current)

$

327,915

 

 

$

168,482

 

Operating lease liabilities (long-term)

$

4,734,128

 

 

$

598,900

 

Total operating lease liabilities

$

5,062,043

 

 

$

767,382

 

Schedule of Future Minimum Payments Required under Lease Agreement

Future minimum payments required under the lease agreements as of December 31, 2022 follows:

 

2023

 

$

908,863

 

2024

 

 

930,990

 

2025

 

 

814,170

 

2026

 

 

744,099

 

2027

 

 

731,627

 

Thereafter

 

 

5,556,817

 

Total Lease payments

 

$

9,686,566

 

Less: Imputed interest

 

 

(4,624,523

)

Present value of lease liabilities

 

$

5,062,043