Leases (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Leases [Abstract] |
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| 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 | % |
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| 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 | |
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| 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 | |
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