Leases (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Leases [Abstract] |
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| Supplemental Information Related to Leases |
Supplemental information related to operating leases for the three months ended March 31, 2024 and 2023 was as follows:
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March 31, 2024 |
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March 31, 2023 |
| Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
269,836 |
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|
$ |
184,072 |
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| Right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
1,429,977 |
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|
$ |
— |
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| Weighted-average remaining lease term - operating leases |
|
4.7 Years |
|
3.6 Years |
| Weighted-average discount rate - operating leases |
|
7.5 |
% |
|
6.0 |
% |
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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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| Future Minimum Lease Commitments |
Future minimum lease commitments under non-cancellable operating and finance leases as of March 31, 2024 were as follows:
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Operating Leases |
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Finance Leases |
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Total |
| Year 1 |
|
$ |
563,175 |
|
|
$ |
48,931 |
|
|
$ |
612,106 |
|
| Year 2 |
|
498,686 |
|
|
48,931 |
|
|
547,617 |
|
| Year 3 |
|
472,862 |
|
|
48,931 |
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|
521,793 |
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| Year 4 |
|
421,503 |
|
|
48,931 |
|
|
470,434 |
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| Year 5 |
|
302,960 |
|
|
36,699 |
|
|
339,659 |
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| Thereafter |
|
103,230 |
|
|
— |
|
|
103,230 |
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| Total lease payments |
|
2,362,416 |
|
|
232,423 |
|
|
2,594,839 |
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| Less: imputed interest |
|
350,289 |
|
|
49,512 |
|
|
399,801 |
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| Total |
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$ |
2,012,127 |
|
|
$ |
182,911 |
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|
$ |
2,195,038 |
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| Assets and Liabilities, Lessee |
Supplemental balance sheet information related to operating leases as of March 31, 2024 and December 31, 2023 was as follows:
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March 31, 2024 |
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December 31, 2023 |
| Operating leases |
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| Right-of-use assets |
|
$ |
1,986,087 |
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|
$ |
743,096 |
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| Operating lease liability, current |
|
$ |
438,334 |
|
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$ |
248,933 |
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| Operating lease liability, long-term |
|
1,573,793 |
|
|
523,660 |
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| Total operating lease liability |
|
$ |
2,012,127 |
|
|
$ |
772,593 |
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Supplemental balance sheet information related to finance leases as of March 31, 2024 and December 31, 2023 is as follows:
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March 31, 2024 |
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December 31, 2023 |
| Finance leases |
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| Right-of-use assets - motor vehicles |
|
$ |
190,177 |
|
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$ |
200,187 |
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| Finance lease liability, current |
|
$ |
31,428 |
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$ |
40,540 |
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| Finance lease liability, long-term |
|
151,483 |
|
|
159,647 |
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| Total finance lease liability |
|
$ |
182,911 |
|
|
$ |
200,187 |
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