Leases (Tables)
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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: | | | | | | | | | | | | | | | | | 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 | % | | | | | |
Lease expense for finance leases for the three months ended March 31, 2025 and 2024 was as follows: | | | | | | | | | | | | | | | | | March 31, 2025 | | March 31, 2024 | | Finance lease cost: | | | | | | 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: | | | | | | | | | | | | | | | | | 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 | | | 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: | | | | | | | | | | | | | | | | | | | | | | | Operating Leases | | Finance Leases | | 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 | | | Less: imputed interest | | 265,553 | | | 140,728 | | | 406,281 | | | Total | | $ | 1,812,055 | | | $ | 571,114 | | | $ | 2,383,169 | |
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| Assets and Liabilities, Lessee |
Supplemental balance sheet information related to operating leases as of March 31, 2025 and December 31, 2024 was as follows: | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | Operating leases | | | | | | Right-of-use assets | | $ | 1,768,309 | | | $ | 1,730,358 | | | | | | | | 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: | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | Finance leases | | | | | | Right-of-use assets - motor vehicles | | $ | 621,411 | | | $ | 425,563 | | | Right-of-use assets - boiler | | 25,463 | | | 26,827 | | | | $ | 646,874 | | | $ | 452,390 | | | | | | | | 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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