LEASES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| Leases [Abstract] |
|
| The components of lease expense were as follows: |
The components of lease expense were as follows:
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2024 |
|
2023 |
|
| |
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
111,548 |
|
$ |
112,522 |
|
| Short-term lease cost |
|
|
3,460 |
|
|
52,894 |
|
| Total lease cost |
|
$ |
115,008 |
|
$ |
165,416 |
|
| |
|
|
|
|
|
|
|
| Finance lease cost: |
|
|
|
|
|
|
|
| Amortization of right-of-use assets |
|
$ |
28,896 |
|
$ |
27,223 |
|
| Interest on lease liabilities |
|
|
6,053 |
|
|
6,720 |
|
| Total finance lease cost |
|
$ |
34,949 |
|
$ |
33,943 |
|
|
| Supplemental cash flow information related to leases was as follows: |
Supplemental cash flow information related to leases
was as follows:
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2024 |
|
2023 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
120,365 |
|
$ |
113,813 |
|
| Financing cash flows from finance leases |
|
|
32,859 |
|
|
30,800 |
|
|
| Supplemental balance sheet information related to leases was as follows: |
Supplemental balance sheet information related to
leases was as follows:
| |
|
|
|
|
|
| |
|
March 31,
2024 |
|
December 31,
2023 |
|
| |
|
|
|
|
|
|
|
| Operating Leases |
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
3,428,885 |
|
$ |
3,514,055 |
|
| |
|
|
|
|
|
|
|
| Operating lease current liabilities |
|
|
372,109 |
|
|
368,313 |
|
| Operating lease long term liabilities |
|
|
3,241,837 |
|
|
3,336,300 |
|
| Total operating lease liabilities |
|
$ |
3,613,946 |
|
$ |
3,704,613 |
|
| |
|
|
|
|
|
|
|
| Finance Leases |
|
|
|
|
|
|
|
| Property and equipment, at cost |
|
$ |
577,929 |
|
$ |
577,929 |
|
| Accumulated depreciation |
|
|
(190,358 |
) |
|
(161,461 |
) |
| Property and equipment, net |
|
$ |
387,571 |
|
$ |
416,468 |
|
| |
|
|
|
|
|
|
|
| Finance lease current liabilities |
|
|
111,103 |
|
|
109,540 |
|
| Finance lease long term liabilities |
|
|
288,253 |
|
|
316,623 |
|
| Total finance lease liabilities |
|
$ |
399,356 |
|
$ |
426,163 |
|
| |
|
March 31,
2024 |
|
December 31,
2023 |
|
| |
|
|
|
|
|
| Weighted Average Remaining Lease Term |
|
|
|
|
|
| Operating leases |
|
6.6 Years |
|
6.9 Years |
|
| Finance leases |
|
3.6 Years |
|
3.7 Years |
|
| |
|
|
|
|
|
| Weighted Average Discount Rate |
|
|
|
|
|
| Operating leases |
|
5.73% |
|
5.76% |
|
| Finance leases |
|
6.17% |
|
6.19% |
|
|
| Maturities of lease liabilities are as follows: |
Maturities of lease liabilities are as follows:
| Year Ending December 31, |
|
Operating Leases |
|
Finance Leases |
|
| Remainder of 2024 |
|
$ |
384,041 |
|
|
98,578 |
|
| 2025 |
|
|
512,055 |
|
|
131,437 |
|
| 2026 |
|
|
512,055 |
|
|
131,437 |
|
| 2027 |
|
|
512,055 |
|
|
74,194 |
|
| 2028 |
|
|
511,009 |
|
|
6,179 |
|
| Thereafter |
|
|
1,833,604 |
|
|
— |
|
| Total undiscounted lease payments |
|
|
4,264,819 |
|
|
441,825 |
|
| Less: imputed interest |
|
|
(650,873 |
) |
|
(42,469 |
) |
| Total lease liabilities |
|
$ |
3,613,946 |
|
$ |
399,356 |
|
|