Leases (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Leases [Abstract] |
|
| Supplemental Information Related to Leases |
Supplemental information related to operating leases for the six months ended June 30, 2025 and 2024 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
June 30, 2024 |
| Cash paid for amounts included in the measurement of operating lease liabilities |
|
$ |
274,399 |
|
|
$ |
451,881 |
|
| Right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
193,480 |
|
|
$ |
1,547,800 |
|
| Weighted-average remaining lease term - operating leases |
|
3.7 Years |
|
4.5 Years |
| Weighted-average discount rate - operating leases |
|
7.6 |
% |
|
7.5 |
% |
|
|
|
|
|
Lease expense for finance leases for the six months ended June 30, 2025 and 2024 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
June 30, 2024 |
| Finance lease cost: |
|
|
|
|
| Depreciation of right-of-use assets |
|
$ |
76,469 |
|
|
$ |
21,888 |
|
| Interest on lease liabilities |
|
30,253 |
|
|
9,584 |
|
| Total finance lease cost |
|
$ |
106,722 |
|
|
$ |
31,472 |
|
Supplemental information related to finance leases for the six months ended June 30, 2025 and 2024 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
June 30, 2024 |
| Cash paid for amounts included in the measurement of finance lease liabilities |
|
$ |
144,463 |
|
|
$ |
44,049 |
|
| Right-of-use assets obtained in exchange for finance lease liabilities |
|
557,893 |
|
|
27,282 |
|
| Weighted-average remaining lease term - finance leases |
|
4.4 Years |
|
4.5 Years |
| Weighted-average discount rate - finance leases |
|
10.2 |
% |
|
10.4 |
% |
|
| Future Minimum Lease Commitments |
Future minimum lease commitments under non-cancellable operating and finance leases as of June 30, 2025 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Leases |
|
Finance Leases |
|
Total |
| Year 1 |
|
$ |
593,020 |
|
|
$ |
255,513 |
|
|
$ |
848,533 |
|
| Year 2 |
|
554,233 |
|
|
239,623 |
|
|
793,856 |
|
| Year 3 |
|
477,516 |
|
|
239,623 |
|
|
717,139 |
|
| Year 4 |
|
286,620 |
|
|
215,170 |
|
|
501,790 |
|
| Year 5 |
|
72,947 |
|
|
100,825 |
|
|
173,772 |
|
| Thereafter |
|
37,960 |
|
|
— |
|
|
37,960 |
|
| Total lease payments |
|
2,022,296 |
|
|
1,050,754 |
|
|
3,073,050 |
|
| Less: imputed interest |
|
244,955 |
|
|
202,194 |
|
|
447,149 |
|
| Total |
|
$ |
1,777,341 |
|
|
$ |
848,560 |
|
|
$ |
2,625,901 |
|
|
| Assets and Liabilities, Lessee |
Supplemental balance sheet information related to operating leases as of June 30, 2025 and December 31, 2024 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
| Operating leases |
|
|
|
|
| Right-of-use assets |
|
$ |
1,728,780 |
|
|
$ |
1,730,358 |
|
|
|
|
|
|
| Operating lease liability, current portion |
|
$ |
481,891 |
|
|
$ |
430,382 |
|
| Operating lease liability, net of current portion |
|
1,295,450 |
|
|
1,341,789 |
|
| Total operating lease liability |
|
$ |
1,777,341 |
|
|
$ |
1,772,171 |
|
Supplemental balance sheet information related to finance leases as of June 30, 2025 and December 31, 2024 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
December 31, 2024 |
| Finance leases |
|
|
|
|
| Right-of-use assets - motor vehicles |
|
$ |
909,572 |
|
|
$ |
425,563 |
|
| Right-of-use assets - boiler |
|
24,099 |
|
|
26,827 |
|
| Total finance lease assets |
|
$ |
933,671 |
|
|
$ |
452,390 |
|
|
|
|
|
|
| Finance lease liability, current portion |
|
$ |
173,362 |
|
|
$ |
85,646 |
|
| Finance lease liability, net of current portion |
|
675,198 |
|
|
325,235 |
|
| Total finance lease liability |
|
$ |
848,560 |
|
|
$ |
410,881 |
|
|