LEASES (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2025 |
Dec. 31, 2024 |
| Leases |
|
|
| SCHEDULE OF MATURITY OF LEASE LIABILITIES |
Maturity
of lease liabilities under our non-cancellable operating leases as of March 31, 2025 were as follows:
SCHEDULE
OF MATURITY OF LEASE LIABILITIES
| Payments due by period | |
|
| 2025 (remaining nine months) | |
$ | 3,171,587 | |
| 2026 | |
| 3,833,066 | |
| 2027 | |
| 2,956,171 | |
| 2028 | |
| 2,280,186 | |
| 2029 | |
| 1,617,808 | |
| Thereafter | |
| 824,584 | |
| Total undiscounted operating lease payments | |
$ | 14,683,402 | |
| Less: Imputed interest | |
| (1,379,778 | ) |
| Present
value of operating lease liabilities | |
$ | 13,303,624 | |
|
The
following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating
leases as of December 31, 2024.
SCHEDULE
OF MATURITY OF LEASE LIABILITIES
| Maturity of Lease Liabilities by Fiscal Year | |
| |
| 2025 | |
$ | 4,221,590 | |
| 2026 | |
| 3,923,741 | |
| 2027 | |
| 2,956,171 | |
| 2028 | |
| 2,280,186 | |
| 2029 | |
| 1,617,808 | |
| Thereafter | |
| 824,585 | |
| Total undiscounted operating lease payments | |
$ | 15,824,081 | |
| Less: interest | |
| (1,642,663 | ) |
| Present value of operating lease liabilities | |
$ | 14,181,418 | |
|
| SCHEDULE OF COMPANY’S OPERATING LEASE |
The
following table summarizes the Company’s operating leases:
SCHEDULE
OF COMPANY’S OPERATING LEASE
| Balance Sheet Classification | |
March
31, 2025 | | |
December 31, 2024 | |
| Right of use assets | |
$ | 13,314,626 | | |
$ | 14,232,240 | |
| | |
| | | |
| | |
| Operating lease liability, current | |
$ | 3,641,723 | | |
$ | 3,596,987 | |
| Operating lease liability, net of current | |
| 9,661,901 | | |
| 10,584,431 | |
| Total operating lease liabilities | |
$ | 13,303,624 | | |
$ | 14,181,418 | |
|
The
following summarizes the Company’s operating leases:
SCHEDULE
OF COMPANY’S OPERATING LEASE
| Balance Sheet Classification | |
December 31, 2024 | | |
December 31,
2023 | |
| Right of use assets | |
$ | 14,232,240 | | |
$ | 11,412,562 | |
| | |
| | | |
| | |
| Operating lease liability, current | |
$ | 3,596,987 | | |
$ | 2,748,824 | |
| Operating lease liability, net of current | |
| 10,584,431 | | |
| 8,461,182 | |
| Total operating lease liabilities | |
$ | 14,181,418 | | |
$ | 11,210,006 | |
|
| SCHEDULE OF OPERATING LEASE TERM |
The
following table provides a summary of other information related to the leases at March 31, 2025 and December 31, 2024:
SCHEDULE
OF OPERATING LEASE TERM
| Other Information | |
March 31, 2025 | | |
December 31, 2024 | |
| Weighted-average remaining lease term for operating leases | |
| 4 years | | |
| 4 years | |
| Weighted-average discount rate for operating leases | |
| 5.21 | % | |
| 5.19 | % |
|
The
following table provides a summary of other information related to the leases at December 31, 2024 and 2023:
SCHEDULE
OF OPERATING LEASE TERM
| Other Information | |
December 31, 2024 | | |
December 31, 2023 | |
| Weighted-average remaining lease term for operating leases | |
| 4 years | | |
| 5 years | |
| Weighted-average discount rate for operating leases | |
| 5.19 | % | |
| 3.98 | % |
|
| SCHEDULE OF COMPONENTS OF LEASE EXPENSE |
The
components of lease expenses for the three months ended March 31, 2025 and 2024 were as follows:
SCHEDULE
OF COMPONENTS OF LEASE EXPENSE
| | |
| | | |
| | |
| | |
Three Months Ended March 31, | |
| | |
2025 | | |
2024 | |
| Operating lease cost | |
$ | 900,913 | | |
$ | 637,101 | |
| Variable lease cost | |
| 58,787 | | |
| 207,546 | |
| Short-term lease cost | |
| 16,701 | | |
| 78,532 | |
| Total rent expense | |
$ | 976,401 | | |
$ | 923,179 | |
|
The
following table represents the components of lease expense are as follows for twelve months ended December 31, 2024:
SCHEDULE
OF COMPONENTS OF LEASE EXPENSE
| | |
December 31,
2024 | |
| Operating lease cost | |
$ | 3,273,563 | |
| Variable lease cost | |
| 922,282 | |
| Short-term lease cost | |
| - | |
| Total rent expense | |
$ | 4,195,845 | |
|