Leases (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Leases [Abstract] |
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| Supplemental Information Related to Leases |
Supplemental information related to operating leases for the six months ended June 30, 2024 and 2023 is as follows:
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Six Months Ended June 30, |
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2024 |
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2023 |
| Cash paid for amounts included in the measurement of operating lease liabilities |
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$ |
451,881 |
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$ |
371,264 |
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| Right-of-use assets obtained in exchange for operating lease liabilities |
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$ |
1,547,800 |
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$ |
— |
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| Weighted-average remaining lease term - operating leases |
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4.5 Years |
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3.7 Years |
| Weighted-average discount rate - operating leases |
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7.5 |
% |
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6.0 |
% |
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Supplemental information for finance leases for the six months ended June 30, 2024 and 2023 was as follows:
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June 30, 2024 |
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June 30, 2023 |
| Right-of-use assets obtained in exchange for finance lease liabilities |
$ |
27,282 |
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$ |
— |
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| Weighted-average remaining lease term - finance leases |
0.8 Years |
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0.0 Years |
| Weighted-average discount rate - finance leases |
— |
% |
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— |
% |
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| Future Minimum Lease Commitments |
Future minimum lease commitments under non-cancellable operating and finance leases as of June 30, 2024 were as follows:
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Operating Leases |
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Finance Leases |
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Total |
| Year 1 |
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$ |
548,724 |
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$ |
70,468 |
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$ |
619,192 |
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| Year 2 |
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544,398 |
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48,931 |
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593,329 |
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| Year 3 |
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497,410 |
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48,931 |
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546,341 |
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| Year 4 |
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423,484 |
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48,931 |
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472,415 |
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| Year 5 |
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210,096 |
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24,466 |
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234,562 |
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| Thereafter |
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89,343 |
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— |
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89,343 |
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| Total lease payments |
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2,313,455 |
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241,727 |
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2,555,182 |
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| Less: imputed interest |
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331,551 |
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44,835 |
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376,386 |
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| Total |
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$ |
1,981,904 |
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$ |
196,892 |
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$ |
2,178,796 |
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| Assets and Liabilities, Lessee |
Supplemental balance sheet information related to operating leases as of June 30, 2024 and December 31, 2023 was as follows:
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June 30, 2024 |
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December 31, 2023 |
| Operating leases |
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| Right-of-use assets |
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$ |
1,952,681 |
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$ |
743,096 |
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| Operating lease liability, current |
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$ |
421,467 |
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$ |
248,933 |
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| Operating lease liability, long-term |
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1,560,437 |
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523,660 |
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| Total operating lease liability |
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$ |
1,981,904 |
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$ |
772,593 |
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Supplemental balance sheet information related to finance leases as of June 30, 2024 and December 31, 2023 is as follows:
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June 30, 2024 |
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December 31, 2023 |
| Finance leases |
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| Right-of-use assets - motor vehicles |
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$ |
196,990 |
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$ |
200,187 |
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| Right-of-use assets - boiler |
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27,282 |
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— |
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| Total finance lease assets |
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$ |
224,272 |
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$ |
200,187 |
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| Finance lease liability, current |
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$ |
53,786 |
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$ |
40,540 |
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| Finance lease liability, long-term |
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143,106 |
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159,647 |
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| Total finance lease liability |
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$ |
196,892 |
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$ |
200,187 |
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