LEASES (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Leases [Abstract] |
|
| Schedule of components of lease expenses |
The components of lease expense were as follows:
Schedule of components of lease expenses
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|
Years Ended |
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| |
|
December 31, |
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| |
|
2023 |
|
2022 |
|
| |
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
448,630 |
|
$ |
514,294 |
|
| Short-term lease cost |
|
|
130,483 |
|
|
131,490 |
|
| Total lease cost |
|
$ |
579,113 |
|
$ |
645,784 |
|
| |
|
|
|
|
|
|
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| Finance lease cost: |
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|
|
|
|
|
|
| Amortization of right-of-use assets |
|
$ |
110,566 |
|
$ |
50,895 |
|
| Interest on lease liabilities |
|
|
25,343 |
|
|
5,393 |
|
| Total finance lease cost |
|
$ |
135,909 |
|
$ |
56,288 |
|
|
| Schedule of cash flow information related to leases |
Supplemental cash flow information related to leases was as follows:
Schedule of cash flow information related to leases
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Years Ended |
|
| |
|
December 31, |
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| |
|
2023 |
|
2022 |
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| |
|
|
|
|
|
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
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|
|
|
|
|
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| Operating cash flows from operating leases |
|
$ |
464,104 |
|
$ |
247,504 |
|
| Financing cash flows from finance leases |
|
$ |
125,259 |
|
$ |
57,243 |
|
|
| Schedule of balance sheet information related to leases |
Supplemental balance sheet information related to leases was as follows:
Schedule of balance sheet information related to leases
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|
December 31,
2023 |
|
December 31,
2022 |
|
| Operating Leases |
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
3,514,055 |
|
$ |
3,786,545 |
|
| |
|
|
|
|
|
|
|
| Operating lease liability – current |
|
|
368,313 |
|
|
345,834 |
|
| Operating lease liability, net of current portion |
|
|
3,336,300 |
|
|
3,653,257 |
|
| Total operating lease liabilities |
|
$ |
3,704,613 |
|
$ |
3,999,091 |
|
| |
|
|
|
|
|
|
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| Finance Leases |
|
|
|
|
|
|
|
| Property and equipment, at cost |
|
$ |
577,929 |
|
$ |
544,468 |
|
| Accumulated depreciation |
|
|
(161,461 |
) |
|
(50,895 |
) |
| Property and equipment, net |
|
$ |
416,468 |
|
$ |
493,573 |
|
| |
|
|
|
|
|
|
|
| Finance lease liability – current |
|
|
109,540 |
|
|
98,335 |
|
| Finance lease liability, net of current portion |
|
|
316,623 |
|
|
394,283 |
|
| Total finance lease liabilities |
|
$ |
426,163 |
|
$ |
492,618 |
|
| |
|
December 31,
2023 |
|
December 31,
2022 |
|
| |
|
|
|
|
|
| Weighted Average Remaining Lease Term |
|
|
|
|
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| Operating leases |
|
6.9 Years |
|
9.7 Years |
|
| Finance leases |
|
3.7 Years |
|
4.6 Years |
|
| |
|
|
|
|
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| Weighted Average Discount Rate |
|
|
|
|
|
| Operating leases |
|
5.76% |
|
4.00% |
|
| Finance leases |
|
6.19% |
|
4.25% |
|
|
| Schedule of maturities of lease liabilities |
Maturities of lease liabilities are as follows:
Schedule of maturities of lease liabilities
| Year Ending December 31, |
|
Operating Leases |
|
Finance Leases |
|
| 2024 |
|
|
512,055 |
|
|
131,437 |
|
| 2025 |
|
|
512,055 |
|
|
131,437 |
|
| 2026 |
|
|
512,055 |
|
|
131,437 |
|
| 2027 |
|
|
512,055 |
|
|
74,194 |
|
| 2028 |
|
|
512,055 |
|
|
6,181 |
|
| Thereafter |
|
|
1,832,557 |
|
|
— |
|
| Total undiscounted lease payments |
|
|
4,392,832 |
|
|
474,686 |
|
| Less: imputed interest |
|
|
(688,220 |
) |
|
(48,523 |
) |
| Total lease liabilities |
|
$ |
3,704,613 |
|
$ |
426,163 |
|
|