v3.25.1
Leases (Tables)
3 Months Ended
Mar. 31, 2025
Leases  
Schedule of Lease Assets and Liabilities

The following was included in our balance sheet as of March 31, 2025:

 

   March 31, 
Operating leases   2025 
Assets     
ROU operating lease assets  $4,239,148 
      
Liabilities     
Current portion of operating lease  $459,081 
Operating lease, net of current portion  $4,020,472 
Total operating lease liabilities  $4,479,553 

 

Financing leases     
Assets     
Property and equipment, gross  $234,036 
Accumulated depreciation   (199,792)
Property and equipment, net  $34,244 
      
Liabilities     
Current portion of financing lease  $15,563 
Financing lease, net of current portion  $12,646 
Total financing lease liabilities  $28,209 
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate

The weighted average remaining lease term and weighted average discount rate at March 31, 2025 are as follows:

 

Weighted average remaining lease term (years) 

March 31,
2025

 
Operating leases   7.72 
Financing leases   1.86 

 

Weighted average discount rate     
Operating leases   6.37%
Financing leases   4.64%
Schedule of Future Minimum Operating Lease Payments

The following table reconciles future minimum operating lease payments to the discounted lease liability as of March 31, 2025:

 

      
2025  $545,957 
2026   743,301 
2027   757,493 
2028   779,311 
2029   781,351 
Thereafter   1,980,929 
Total lease payments   5,588,342 
Less imputed interest   (1,108,789)
Total lease obligations   4,479,553 
Less current obligations   (459,081)
Long-term lease obligations  $4,020,472 
Schedule of Future Minimum Lease Payments for Finance Lease

The following table reconciles future minimum financing lease payments to the discounted lease liability as of March 31, 2025:

 

      
2025  $13,507 
2026   11,982 
2027   3,994 
Total lease payments   29,483 
Less imputed interest   (1,274)
Total lease obligations   28,209 
Less current obligations   (15,563)
Long-term lease obligations  $12,646