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