Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases  
Summary of Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year at December 31, 2022 were as follows:

    Total  
Year Ending December 31,        
2023   $ 205,987  
2024     63,835  
Thereafter     -  
Total undiscounted lease payments     269,822  
Less: Imputed interest     (7,354 )
Operating lease liabilities     262,468  
         
Operating lease liability - current     199,158  
Operating lease liability - non-current   $ 63,310  
Summary of Other Supplemental Information

The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2022:

Summary of Other Supplemental Information

Weighted average discount rate     4.86 %
Weighted average remaining lease term (years)     1.20  
Schedule of Finance Lease Assets in Property and Equipment

As of December 31, 2021, finance lease assets are included in property and equipment as follows:

Schedule of Finance Lease Assets in Property and Equipment

    December 31,  
    2021  
Machinery   $ 585,563  
Accumulated depreciation     (455,899 )
Finance lease assets, net of accumulated depreciation   $ 129,664