Annual report [Section 13 and 15(d), not S-K Item 405]

Leases (Tables)

v3.25.1
Leases (Tables)
12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Supplemental Information Related to Leases
Supplemental information related to operating leases for the years ended December 31, 2024 and 2023 was as follows:
December 31, 2024 December 31, 2023
Cash paid for amounts included in the measurement of operating lease liabilities $ 727,418  $ 743,849 
Right-of-use assets obtained in exchange for operating lease liabilities $ 1,650,994  $ 148,093 
Weighted-average remaining lease term - operating leases 4.1 Years 4.6 Years
Weighted-average discount rate - operating leases 7.5  % 6.4  %
Supplemental information for finance leases for the year ended December 31, 2024 and 2023 was as follows:
December 31, 2024 December 31, 2023
Cash paid for amounts included in the measurement of finance lease liabilities $ 88,845  $ — 
Right-of-use assets obtained in exchange for finance lease liabilities $ 295,085  $ 200,187 
Weighted-average remaining lease term - finance leases 4.3 years 5.0 years
Weighted-average discount rate - finance leases 10.0  % 10.4  %
Supplemental Balance Sheet Information
Supplemental balance sheet information related to operating leases for the years ended December 31, 2024 and 2023 was as follows:
December 31, 2024 December 31, 2023
Operating leases
Right-of-use assets $ 1,730,358  $ 743,096 
Operating lease liability, current $ 430,382  $ 248,933 
Operating lease liability, long-term 1,341,789  523,660 
Total operating lease liability $ 1,772,171  $ 772,593 
Supplemental balance sheet information related to finance leases for the year ended December 31, 2024 and 2023 is as follows:
December 31, 2024 December 31, 2023
Finance leases
Right-of-use assets - motor vehicles $ 425,563  $ 200,187 
Right-of-use asset - boiler 26,827  — 
$ 452,390  $ 200,187 
Finance lease liability, current $ 85,646  $ 40,540 
Finance lease liability, long-term 325,235  159,647 
Total finance lease liability $ 410,881  $ 200,187 
Future Minimum Lease Commitments
Future minimum lease commitments under non-cancellable operating and finance leases as of December 31, 2024 were as follows:
Operating Leases Finance Leases Total
2025 $ 542,066  $ 122,460  $ 664,526 
2026 538,297  113,845  652,142 
2027 442,471  113,845  556,316 
2028 395,827  113,845  509,672 
2029 55,435  43,669  99,104 
Thereafter 61,569  —  61,569 
Total lease payments 2,035,665  507,664  2,543,329 
Less: imputed interest 263,494  96,783  360,277 
Total $ 1,772,171  $ 410,881  $ 2,183,052