RIGHT-OF-USE LEASE ASSETS AND LIABILITIES (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Right-of-use Lease Assets And Liabilities |
|
| SCHEDULE OF LEASE - RELATED ASSET AND LIABILITY |
The following table presents the Company’s lease-related
assets and liabilities at March 31, 2025 and December 31, 2024:
SCHEDULE
OF LEASE - RELATED ASSET AND LIABILITY
| |
|
Balance Sheet Classification |
|
March 31,
2025 |
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|
December 31, 2024 |
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| Assets: |
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| Operating leases |
|
Right-of-use lease assets |
|
$ |
3,879,886 |
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|
$ |
3,982,820 |
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| Liabilities: |
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| Current: |
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| Operating leases |
|
Right-of-use lease liabilities |
|
$ |
397,223 |
|
|
$ |
367,474 |
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| Noncurrent: |
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|
|
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|
|
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| Operating leases |
|
Right-of-use lease liabilities |
|
|
3,558,289 |
|
|
|
3,667,553 |
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| |
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| Total right-of-use lease liabilities |
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|
|
$ |
3,955,512 |
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|
$ |
4,035,027 |
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| Weighted average remaining term of operating leases, including option periods expected to renew |
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5.25 years |
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|
5.50 years |
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| Discount rate |
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|
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|
22.0 |
% |
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|
22.0% |
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| SCHEDULE OF RIGHT-OF-USE OPERATING LEASE |
The following table presents certain information related
to lease expense for the right-of-use operating leases for the three months ended March 31, 2025 and 2024:
SCHEDULE
OF RIGHT-OF-USE OPERATING LEASE
| | |
2025 | | |
2024 | |
| | |
Three Months Ended | |
| | |
March 31, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Right-of-use operating leases amortization (1) | |
$ | 102,934 | | |
$ | - | |
| Right-of-use operating leases interest expense (2) | |
$ | 220,486 | | |
| - | |
| (1) |
Expense is included in selling, general and administrative expenses in the unaudited condensed consolidated statement of operations. |
| (2) |
Expense is included in interest expense in the unaudited condensed consolidated statements of operations. |
|
| SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION |
The following table presents supplemental cash flow
information for the three months ended March 31, 2025 and 2024:
SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION
| | |
2025 | | |
| 2024 | |
| | |
Three Months Ended | |
| | |
March 31, | |
| | |
2025 | | |
| 2024 | |
| | |
| | | |
| | |
| Operating cash flows for right-of-use operating leases | |
$ | 368,555 | | |
$ | - | |
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| SCHEDULE OF LEASE PAYMENTS UNDER THE RIGHT-OF-USE OPERATING LEASE |
Aggregate future minimum lease payments under right-of-use
operating leases are as follows:
SCHEDULE
OF LEASE PAYMENTS UNDER THE RIGHT-OF-USE OPERATING LEASE
| | |
Right-of-Use
Operating Leases | |
| Twelve months ending: | |
| | |
| March 31, 2026 | |
$ | 1,229,545 | |
| March 31, 2027 | |
| 1,266,431 | |
| March 31, 2028 | |
| 1,304,424 | |
| March 31, 2029 | |
| 1,343,557 | |
| March 31, 2030 | |
| 1,383,864 | |
| Thereafter | |
| 249,437 | |
| Total | |
| 6,777,258 | |
| | |
| | |
| Less interest | |
| (2,821,746 | ) |
| Present value of minimum lease payments | |
| 3,955,512 | |
| | |
| | |
| Less current portion of right-of-use lease liabilities | |
| (397,223 | ) |
| Right-of-use lease liabilities, net of current portion | |
$ | 3,558,289 | |
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