v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases
12. Leases

 

The Company leases various equipment under non-cancellable operating lease agreements. The leases have remaining lease terms ranging from approximately one year to six years. Such leases have been recognized as operating leases.

 

Supplemental balance sheet information related to leases is as follows:  

 

Balance Sheet Location       June 30,
2026		  
           
Operating Leases            
Right-of-use assets       $ 269,614  
             
Current liabilities   Lease liability, current maturities     65,301  
Non-current liabilities   Lease liability, net of current maturities     223,544  
Total operating lease liabilities       $ 288,845  
             
Weighted Average Remaining Lease Term            
Operating leases         4.88  
Weighted Average Discount Rate            
Operating leases         8 %

 

The Company also leases various equipment under non-cancellable lease agreements, which have been determined to be finance leases. The leases have remaining lease terms ranging from approximately one year to six years. 

 

Supplemental balance sheet information related to leases is as follows:   

 

Balance Sheet Location       June 30,
2026		  
           
Finance Leases          
Right-of-use assets (included in property and equipment)       $ 2,110,471  
             
Current liabilities   Lease liability, current maturities     190,079  
Non-current liabilities   Lease liability, net of current maturities     885,527  
Total finance lease liabilities       $ 1,075,606  
             
Weighted Average Remaining Lease Term            
Finance leases         2.92  
Weighted Average Discount Rate            
Finance leases         8 %

 

As the leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments, which is reflective of the specific term of the leases and economic environment of each geographic region. 

 

Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancellable leases, are as follows: 

 

2026 (remaining)   $ 187,549  
2027     376,532  
2028     378,302  
2029     374,909  
2030     281,918  
Thereafter     65,316  
Total lease payments     1,664,526  
Less: Imputed interest     (300,075 )
Present value of lease liabilities   $ 1,364,451