LEASE LIABILITIES - FINANCE AND OPERATING LEASE (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Lease Liabilities - Finance And Operating Lease |
|
| Lease Liabilities - Finance and Operating Lease - Schedule of Finance Leased Liabilities |
The components of finance lease liabilities
were as follows:
Lease Liabilities - Finance and Operating
Lease - Schedule of Finance Leased Liabilities
| |
|
December 31,
2024
(Restated) | |
December 31,
2023 |
| Total finance lease liability |
|
$ | 8,432,177 | | |
$ | 1,485,575 | |
| Less: Current portion |
|
| (3,342,293 | ) | |
| (172,625 | ) |
| Finance lease liability, net of current portion |
|
$ | 5,089,884 | | |
$ | 1,312,950 | |
|
| Lease Liabilities - Finance and Operating Lease - Schedule of operating Lease Liabilities |
The components of operating lease liabilities are as follows:
Lease Liabilities - Finance and Operating Lease - Schedule of
operating Lease Liabilities
| |
|
December 31,
2024 | |
December 31,
2023 |
| Total Operating lease liabilities |
|
$ | 7,433,452 | | |
$ | 7,998,908 | |
| Less: Current portion |
|
| (491,850 | ) | |
| (473,653 | ) |
| Operating lease liabilities, net of current portion |
|
$ | 6,941,602 | | |
$ | 7,525,255 | |
|
| Lease Liabilities - Finance and Operating Lease - Schedule of Lease Cost |
The components of lease cost were as follows:
Lease Liabilities -
Finance and Operating Lease - Schedule of Lease Cost
| | |
December 31, 2024 (Restated) | | |
December 31, 2023 | |
| Finance lease cost: | |
| | | |
| | |
| - Amortization of right-of-use assets | |
$ | 3,045,602 | | |
$ | 1,279,367 | |
| - Interest on lease liabilities | |
| 200,025 | | |
| 96,914 | |
| Operating lease cost | |
| 877,809 | | |
| 887,603 | |
| Total lease cost | |
$ | 4,123,436 | | |
$ | 2,263,884 | |
|
| Lease Liabilities - Finance and Operating Lease - Schedule of Maturities of Lease Liabilities |
Maturities
of lease liabilities were as follows:
Lease
Liabilities - Finance and Operating Lease - Schedule of Maturities of Lease Liabilities
| | |
Finance Lease | | |
Operating Lease | |
| the next 12 months | |
$ | 3,385,661 | | |
$ | 821,511 | |
| the next 13 to 24 months | |
| 261,109 | | |
| 825,689 | |
| the next 25 to 36 months | |
| 261,109 | | |
| 833,255 | |
| the next 37 to 48 months | |
| 4,947,921 | | |
| 837,767 | |
| the next 49 to 60 months | |
| 261,109 | | |
| 845,843 | |
| thereafter | |
| 261,109 | | |
| 8,280,354 | |
| Total | |
| 9,378,018 | | |
| 12,444,419 | |
| Less: Amount representing interest | |
| (945,841 | ) | |
| (5,010,967 | ) |
| Present value of net minimum lease payments | |
$ | 8,432,177 | | |
$ | 7,433,452 | |
|
| Lease Liabilities - Finance and Operating Lease - Schedule of Supplemental Information Related to Leases |
A
summary of supplemental information related to leases is listed as follows:
Lease
Liabilities - Finance and Operating Lease - Schedule of Supplemental Information Related to Leases
| | |
December 31, 2024 | | |
December 31, 2023 | |
| Weighted average remaining lease term: | |
| | | |
| | |
| Finance leases | |
| 16.2 years | | |
| 6.0 years | |
| Operating leases | |
| 19.6 years | | |
| 19.8 years | |
| Weighted average discount rate: | |
| | | |
| | |
| Finance leases | |
| 4.62 | % | |
| 6.71 | % |
| Operating leases | |
| 4.90 | % | |
| 4.90 | % |
|
| Lease Liabilities - Finance and Operating Lease - Schedule of Cash Flow, Supplemental |
Supplemental
cash flow information related to leases were as follows:
Lease
Liabilities - Finance and Operating Lease - Schedule of Cash Flow, Supplemental
| | |
December 31, 2024 | | |
December 31, 2023 | |
| Cash paid for amounts included in measurement of lease liabilities: | |
| | | |
| | |
| -Operating cash flows from operating leases | |
| 894,351 | | |
| 827,285 | |
| -Financing cash flows from finance leases | |
| 31,866,665 | | |
| 267,810 | |
| | |
| | | |
| | |
| Non-cash information on lease liabilities arising from obtaining ROU assets: | |
| | | |
| | |
| -Finance leases | |
| 38,636,330 | | |
| — | |
| -Operating leases | |
| — | | |
| — | |
|