LEASES (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Leases |
|
| Schedule of right of use asset or lease liability calculations |
| Schedule of right of use asset or lease liability calculations | |
| | |
| |
| Operating Leases | |
As of
March 31, 2025 | | |
As of
December 31, 2024 | |
| Assets | |
| | | |
| | |
| Right-of-use asset | |
$ | 4,189,988 | | |
$ | 4,606,431 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Current | |
| | | |
| | |
| Lease liability | |
$ | 1,439,090 | | |
$ | 1,839,323 | |
| | |
| | | |
| | |
| Noncurrent | |
| | | |
| | |
| Lease liability | |
$ | 3,203,660 | | |
$ | 3,247,291 | |
| | |
| | | |
| | |
| Total operating lease liability | |
$ | 4,642,750 | | |
$ | 5,086,614 | |
|
| Schedule of finance lease |
| Schedule of finance lease | |
| | |
| |
| Finance Lease | |
As of
March 31, 2025 | | |
As of
December 31, 2024 | |
| Assets | |
| | | |
| | |
| Right-of-use asset | |
$ | 137,167 | | |
$ | 132,566 | |
| | |
| | | |
| | |
| Liabilities | |
| | | |
| | |
| Current | |
| | | |
| | |
| Lease liability | |
$ | 92,008 | | |
$ | 80,349 | |
| | |
| | | |
| | |
| Noncurrent | |
| | | |
| | |
| Lease liability | |
$ | 54,149 | | |
$ | 58,742 | |
| | |
| | | |
| | |
| Total finance lease liability | |
$ | 146,157 | | |
$ | 139,091 | |
|
| Schedule of lease income and expenses |
| Schedule of lease income and expenses |
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended March 31, |
|
| Lease costs |
|
Classification |
|
2025 |
|
|
2024 |
|
| Operating lease costs |
|
Selling, general and administrative expenses |
|
$ |
549,399 |
|
|
$ |
674,669 |
|
| Sublease income |
|
Selling, general and administrative expenses |
|
|
(12,665 |
) |
|
|
(105,351 |
) |
| Net operating lease costs |
|
|
|
$ |
536,734 |
|
|
$ |
569,318 |
|
| |
|
|
|
Three Months Ended March 31, |
|
| Lease costs |
|
Classification |
|
2025 |
|
|
2024 |
|
| Amortization of right-of-use assets |
|
Selling, general and administrative expenses |
|
$ |
21,419 |
|
|
$ |
15,895 |
|
| Interest on lease liability |
|
Selling, general and administrative expenses |
|
|
2,803 |
|
|
|
3,126 |
|
| Total finance lease costs |
|
|
|
$ |
24,222 |
|
|
$ |
19,021 |
|
|
| Schedule of future minimum payments under operating lease agreements |
| Schedule of future minimum payments under operating lease agreements |
|
|
|
|
| Year |
|
Operating Leases |
|
Finance Leases |
| |
2025 |
|
|
$ |
1,674,446 |
|
|
$ |
75,448 |
|
| |
2026 |
|
|
|
2,054,617 |
|
|
|
64,133 |
|
| |
2027 |
|
|
|
918,827 |
|
|
|
15,677 |
|
| |
2028 |
|
|
|
155,710 |
|
|
|
396 |
|
| |
2029 |
|
|
|
159,255 |
|
|
|
— |
|
| |
Thereafter |
|
|
|
355,077 |
|
|
|
— |
|
| |
Total lease payments |
|
|
$ |
5,317,932 |
|
|
$ |
155,654 |
|
| |
Less: Imputed interest |
|
|
|
(675,182 |
) |
|
|
(9,497 |
) |
| |
Present value of lease liabilities |
|
|
$ |
4,642,750 |
|
|
$ |
146,157 |
|
|