Leases (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
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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, 2025 and 2024 was as follows:
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March 31, 2025 |
|
March 31, 2024 |
| Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
143,961 |
|
|
$ |
269,836 |
|
| Right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
115,857 |
|
|
$ |
1,429,977 |
|
| Weighted-average remaining lease term - operating leases |
|
3.9 Years |
|
4.7 Years |
| Weighted-average discount rate - operating leases |
|
7.6 |
% |
|
7.5 |
% |
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Lease expense for finance leases for the three months ended March 31, 2025 and 2024 was as follows:
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March 31, 2025 |
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March 31, 2024 |
| Finance lease cost: |
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|
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| Depreciation of right-of-use assets |
|
$ |
32,167 |
|
|
$ |
10,009 |
|
| Interest on lease liabilities |
|
12,888 |
|
|
4,940 |
|
| Total finance lease cost |
|
$ |
45,055 |
|
|
$ |
14,949 |
|
Supplemental information related to finance leases for the three months ended March 31, 2025 and 2024 was as follows:
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March 31, 2025 |
|
March 31, 2024 |
| Cash paid for amounts included in the measurement of finance lease liabilities |
|
$ |
42,217 |
|
|
$ |
12,233 |
|
| Right-of-use assets obtained in exchange for finance lease liabilities |
|
226,794 |
|
|
200,187 |
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| Weighted-average remaining lease term - finance leases |
|
4.4 Years |
|
5.0 years |
| Weighted-average discount rate - finance leases |
|
10.3 |
% |
|
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, 2025 were as follows:
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Operating Leases |
|
Finance Leases |
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Total |
| Year 1 |
|
$ |
567,288 |
|
|
$ |
166,222 |
|
|
$ |
733,510 |
|
| Year 2 |
|
551,915 |
|
|
164,068 |
|
|
715,983 |
|
| Year 3 |
|
464,209 |
|
|
164,068 |
|
|
628,277 |
|
| Year 4 |
|
362,144 |
|
|
151,836 |
|
|
513,980 |
|
| Year 5 |
|
79,857 |
|
|
65,648 |
|
|
145,505 |
|
| Thereafter |
|
52,195 |
|
|
— |
|
|
52,195 |
|
| Total lease payments |
|
2,077,608 |
|
|
711,842 |
|
|
2,789,450 |
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| Less: imputed interest |
|
265,553 |
|
|
140,728 |
|
|
406,281 |
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| Total |
|
$ |
1,812,055 |
|
|
$ |
571,114 |
|
|
$ |
2,383,169 |
|
|
| Assets and Liabilities, Lessee |
Supplemental balance sheet information related to operating leases as of March 31, 2025 and December 31, 2024 was as follows:
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March 31, 2025 |
|
December 31, 2024 |
| Operating leases |
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|
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| Right-of-use assets |
|
$ |
1,768,309 |
|
|
$ |
1,730,358 |
|
|
|
|
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| Operating lease liability, current portion |
|
$ |
456,370 |
|
|
$ |
430,382 |
|
| Operating lease liability, net of current portion |
|
1,355,685 |
|
|
1,341,789 |
|
| Total operating lease liability |
|
$ |
1,812,055 |
|
|
$ |
1,772,171 |
|
Supplemental balance sheet information related to finance leases as of March 31, 2025 and December 31, 2024 is as follows:
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March 31, 2025 |
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December 31, 2024 |
| Finance leases |
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|
|
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| Right-of-use assets - motor vehicles |
|
$ |
621,411 |
|
|
$ |
425,563 |
|
| Right-of-use assets - boiler |
|
25,463 |
|
|
26,827 |
|
|
|
$ |
646,874 |
|
|
$ |
452,390 |
|
|
|
|
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| Finance lease liability, current portion |
|
$ |
113,249 |
|
|
$ |
85,646 |
|
| Finance lease liability, net of current portion |
|
457,865 |
|
|
325,235 |
|
| Total finance lease liability |
|
$ |
571,114 |
|
|
$ |
410,881 |
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