Leases (Tables)
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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:
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December 31, 2023 |
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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 |
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|
$ |
— |
|
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:
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December 31, 2023 |
Right-of-use assets obtained in exchange for finance lease liabilities |
$ |
200,187 |
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Weighted-average remaining lease term - finance leases |
5.0 years |
Weighted-average discount rate - finance leases |
10.4 |
% |
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Supplemental Balance Sheet Information |
Supplemental balance sheet information related to operating leases for the years ended December 31, 2023 and 2022 was as follows:
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December 31, 2023 |
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December 31, 2022 |
Operating leases |
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Right-of-use assets |
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$ |
743,096 |
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|
$ |
1,245,549 |
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|
|
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Operating lease liability, current |
|
$ |
248,933 |
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|
$ |
687,589 |
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Operating lease liability, long-term |
|
523,660 |
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|
623,452 |
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Total operating lease liability |
|
$ |
772,593 |
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$ |
1,311,041 |
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Supplemental balance sheet information related to finance leases for the year ended December 31, 2023 is as follows:
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December 31, 2023 |
Finance leases |
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Right-of-use assets - motor vehicles |
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$ |
200,187 |
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|
|
|
Finance lease liability, current |
|
$ |
40,540 |
|
Finance lease liability, long-term |
|
159,647 |
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Total finance lease liability |
|
$ |
200,187 |
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Future Minimum Lease Commitments |
Future minimum lease commitments under non-cancellable operating and finance leases as of December 31, 2023 were as follows:
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Operating Leases |
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Finance Leases |
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Total |
2024 |
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$ |
292,168 |
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$ |
58,931 |
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$ |
351,099 |
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2025 |
|
158,593 |
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|
48,931 |
|
|
207,524 |
|
2026 |
|
147,606 |
|
|
48,931 |
|
|
196,537 |
|
2027 |
|
88,825 |
|
|
48,931 |
|
|
137,756 |
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2028 |
|
87,137 |
|
|
48,931 |
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|
136,068 |
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Thereafter |
|
117,004 |
|
|
— |
|
|
117,004 |
|
Total lease payments |
|
891,333 |
|
|
254,655 |
|
|
1,145,988 |
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Less: imputed interest |
|
118,740 |
|
|
54,468 |
|
|
173,208 |
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Total |
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$ |
772,593 |
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$ |
200,187 |
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$ |
972,780 |
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