LEASES (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Leases [Abstract] |
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Schedule of Lease, Cost |
Lease expense for operating leases is recognized on a straight-line basis over the lease term as cost of sales or operating expenses depending on the nature of the lease right-of-use asset.
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Years Ended December 31, |
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2022 |
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2021 |
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2020 |
Short-term lease expense |
$ |
589,969 |
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$ |
599,129 |
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$ |
145,585 |
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Operating lease expense |
1,782,332 |
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58,224 |
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— |
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Total lease expense |
$ |
2,372,301 |
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$ |
657,353 |
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$ |
145,585 |
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Lease right-of-use assets consisted of the following:
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December 31, |
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2022 |
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2021 |
Operating leases |
$ |
5,884,865 |
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$ |
1,538,852 |
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Finance leases |
5,821,938 |
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— |
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Total lease right-of-use assets |
$ |
11,706,803 |
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$ |
1,538,852 |
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Other information related to leases is as follows:
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As of December 31, |
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2022 |
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2021 |
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2020 |
Weighted-average remaining lease term |
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Operating leases |
6.0 years |
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4.0 years |
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N/A |
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Financing leases |
2.0 years |
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N/A |
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N/A |
Weighted-average interest rate |
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Operating leases |
10.0 |
% |
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10.0 |
% |
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N/A |
Financing leases |
10.0 |
% |
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N/A |
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N/A |
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Schedule of Cash Flow, Supplemental Disclosures |
Supplemental cash flow information related to leases where we are the lessee is as follows:
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Years Ended December 31, |
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2022 |
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2021 |
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2020 |
Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash outflows from operating leases |
$ |
770,642 |
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$ |
657,353 |
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$ |
145,585 |
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Operating cash outflows from finance leases (interest payments) |
369,976 |
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— |
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— |
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Financing cash outflows from finance leases |
857,516 |
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— |
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— |
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Leased assets obtained in exchange for finance lease liabilities |
6,022,694 |
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— |
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— |
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Leased assets obtained in exchange for operating lease liabilities |
5,631,558 |
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1,577,774 |
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— |
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Schedule of Maturities of our Operating Lease Liabilities |
As of December 31, 2022, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows:
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Operating Leases |
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Finance Leases |
2023 |
$ |
1,356,374 |
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$ |
879,444 |
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2024 |
1,589,805 |
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2,752,862 |
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2025 |
1,458,783 |
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— |
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2026 |
1,503,068 |
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— |
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2027 |
1,316,387 |
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— |
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Thereafter |
2,295,179 |
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— |
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Total minimum lease payments |
9,519,596 |
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3,632,306 |
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Less: Interest |
2,541,700 |
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485,108 |
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Present value of lease obligations |
6,977,896 |
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3,147,198 |
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Less: Current portion |
686,018 |
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599,014 |
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Long-term portion of lease obligations |
$ |
6,291,878 |
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$ |
2,548,184 |
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Schedule of Maturities of our Finance Lease Liabilities |
As of December 31, 2022, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows:
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Operating Leases |
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Finance Leases |
2023 |
$ |
1,356,374 |
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$ |
879,444 |
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2024 |
1,589,805 |
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2,752,862 |
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2025 |
1,458,783 |
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— |
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2026 |
1,503,068 |
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— |
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2027 |
1,316,387 |
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— |
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Thereafter |
2,295,179 |
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— |
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Total minimum lease payments |
9,519,596 |
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3,632,306 |
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Less: Interest |
2,541,700 |
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485,108 |
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Present value of lease obligations |
6,977,896 |
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3,147,198 |
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Less: Current portion |
686,018 |
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599,014 |
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Long-term portion of lease obligations |
$ |
6,291,878 |
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$ |
2,548,184 |
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Lease liabilities |
Lease liabilities consisted of the following:
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December 31, |
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2022 |
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2021 |
Operating leases |
$ |
6,977,896 |
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$ |
1,554,767 |
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Finance leases |
3,147,198 |
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— |
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Total lease liabilities |
10,125,094 |
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1,554,767 |
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Less: current portion |
(1,285,032) |
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(363,714) |
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Long-term portion |
$ |
8,840,062 |
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$ |
1,191,053 |
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