Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.24.1
Leases (Tables)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Supplemental Information Related to Leases
Supplemental information related to operating leases for the years ended December 31, 2023 and 2022 was as follows:
December 31, 2023 December 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities $ 743,849  $ 733,284 
Right-of-use assets obtained in exchange for operating lease liabilities $ 148,093  $ — 
Weighted-average remaining lease term - operating leases 4.6 Years 3.6 Years
Weighted-average discount rate - operating leases 6.4  % 6.0  %
Supplemental information for finance leases for the year ended December 31, 2023 is as follows:
December 31, 2023
Right-of-use assets obtained in exchange for finance lease liabilities $ 200,187 
Weighted-average remaining lease term - finance leases 5.0 years
Weighted-average discount rate - finance leases 10.4  %
Supplemental Balance Sheet Information
Supplemental balance sheet information related to operating leases for the years ended December 31, 2023 and 2022 was as follows:
December 31, 2023 December 31, 2022
Operating leases
Right-of-use assets $ 743,096  $ 1,245,549 
Operating lease liability, current $ 248,933  $ 687,589 
Operating lease liability, long-term 523,660  623,452 
Total operating lease liability $ 772,593  $ 1,311,041 

Supplemental balance sheet information related to finance leases for the year ended December 31, 2023 is as follows:
December 31, 2023
Finance leases
Right-of-use assets - motor vehicles $ 200,187 
Finance lease liability, current $ 40,540 
Finance lease liability, long-term 159,647 
Total finance lease liability $ 200,187 
Future Minimum Lease Commitments
Future minimum lease commitments under non-cancellable operating and finance leases as of December 31, 2023 were as follows:
Operating Leases Finance Leases Total
2024 $ 292,168  $ 58,931  $ 351,099 
2025 158,593  48,931  207,524 
2026 147,606  48,931  196,537 
2027 88,825  48,931  137,756 
2028 87,137  48,931  136,068 
Thereafter 117,004  —  117,004 
Total lease payments 891,333  254,655  1,145,988 
Less: imputed interest 118,740  54,468  173,208 
Total $ 772,593  $ 200,187  $ 972,780