Leases (Tables)
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9 Months Ended |
Sep. 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 nine months ended September 30, 2024 and 2023 is as follows:
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Nine Months Ended September 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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$ |
589,455 |
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$ |
558,028 |
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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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4.3 Years |
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3.9 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 nine months ended September 30, 2024 was as follows:
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September 30, 2024 |
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| Right-of-use assets obtained in exchange for finance lease liabilities |
$ |
256,811 |
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| Weighted-average remaining lease term - finance leases |
4.5 Years |
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| Weighted-average discount rate - finance leases |
9.8 |
% |
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| Future Minimum Lease Commitments |
Future minimum lease commitments under non-cancellable operating and finance leases as of September 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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$ |
546,070 |
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$ |
119,920 |
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$ |
665,990 |
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| Year 2 |
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545,587 |
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104,844 |
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650,431 |
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| Year 3 |
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466,245 |
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104,844 |
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571,089 |
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| Year 4 |
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425,465 |
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104,844 |
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530,309 |
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| Year 5 |
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117,232 |
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62,375 |
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179,607 |
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| Thereafter |
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75,457 |
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— |
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75,457 |
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| Total lease payments |
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2,176,056 |
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496,827 |
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2,672,883 |
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| Less: imputed interest |
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296,634 |
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96,216 |
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392,850 |
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| Total |
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$ |
1,879,422 |
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$ |
400,611 |
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$ |
2,280,033 |
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| Assets and Liabilities, Lessee |
Supplemental balance sheet information related to operating leases as of September 30, 2024 and December 31, 2023 was as follows:
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September 30, 2024 |
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December 31, 2023 |
| Operating leases |
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| Right-of-use assets |
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$ |
1,839,031 |
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$ |
743,096 |
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| Operating lease liability, current |
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$ |
426,498 |
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$ |
248,933 |
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| Operating lease liability, long-term |
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1,452,924 |
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523,660 |
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| Total operating lease liability |
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$ |
1,879,422 |
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$ |
772,593 |
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Supplemental balance sheet information related to finance leases as of September 30, 2024 and December 31, 2023 is as follows:
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September 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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$ |
410,841 |
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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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$ |
438,123 |
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$ |
200,187 |
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| Finance lease liability, current |
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$ |
84,814 |
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$ |
40,540 |
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| Finance lease liability, long-term |
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315,797 |
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159,647 |
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| Total finance lease liability |
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$ |
400,611 |
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$ |
200,187 |
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