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 |
|
|