Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.22.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2022
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 December 31, 2022 are as follows:
2023 2024 2025 2026 2027
Operating lease payments (1)
$ 474,464  $ 482,328  $ 494,692  $ 398,096  $ 216,000 
Financing lease payments (2)
793,723  727,451  379,421  —  — 
(1)The weighted average discount rate as of December 31, 2022 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $193,321. The weighted average remaining term of operating leases was 4.29 years.
(2)The weighted average discount rate as of December 31, 2022 for financing leases was 5.82%. Based on this rate, the future lease payments above include imputed interest of $138,463. The weighted average remaining term of financing leases was 2.41 years.
Schedule of Lease Cost
The following table provides supplemental information regarding cash flows from operations:
2022
Operating lease costs $ 363,908 
Short-term lease costs (1)
$ 2,618,405 
Financing lease costs:
Amortization of financing lease assets (2)
$ 505,211 
Interest on lease liabilities (3)
$ 48,472 
(1)Amount included in Lease operating expenses
(2)Amount included in Depreciation, depletion and amortization
(3)Amount included in Interest expense
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 Balance Sheets:
As of December 31,
2022 2021
Operating lease liability, current portion 398,362  290,766 
Operating lease liability, non-current portion 1,473,897  1,138,319 
Operating lease liability, total 1,872,259  1,429,085 
Total undiscounted future cash flows (sum of future operating lease payments) 2,065,580  1,577,786 
Imputed interest 193,321  148,701 
Undiscounted future cash flows less imputed interest 1,872,259  1,429,085 
Financing lease liability, current portion 709,653  316,514 
Financing lease liability, non-current portion 1,052,479  343,727 
Financing lease liability, total 1,762,132  660,241 
Total undiscounted future cash flows (sum of future financing lease payments) 1,900,595  692,091 
Imputed interest 138,463  31,850 
Undiscounted future cash flows less imputed interest 1,762,132  660,241