LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Leases [Abstract] |
|
| The components of lease expense were as follows: |
The components of lease expense were as follows:
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Three Months Ended |
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Six Months Ended |
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June 30, |
|
June 30, |
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| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
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| Operating lease cost |
|
$ |
112,806 |
|
$ |
112,279 |
|
$ |
224,354 |
|
$ |
224,801 |
|
| Short-term lease cost |
|
|
556 |
|
|
25,143 |
|
|
4,016 |
|
|
78,037 |
|
| Total lease cost |
|
$ |
113,362 |
|
$ |
137,422 |
|
$ |
228,370 |
|
$ |
302,838 |
|
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| Finance lease cost: |
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| Amortization of right-of-use assets |
|
$ |
28,896 |
|
$ |
27,224 |
|
$ |
57,793 |
|
$ |
54,447 |
|
| Interest on lease liabilities |
|
|
5,671 |
|
|
6,387 |
|
|
11,724 |
|
|
13,107 |
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| Total finance lease cost |
|
$ |
34,567 |
|
$ |
33,611 |
|
$ |
69,517 |
|
$ |
67,554 |
|
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| Supplemental cash flow information related to leases was as follows: |
Supplemental cash flow information related to leases
was as follows:
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Six Months Ended |
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| |
|
June 30, |
|
| |
|
2024 |
|
2023 |
|
| 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 |
|
$ |
244,879 |
|
$ |
229,879 |
|
| Financing cash flows from finance leases |
|
|
65,718 |
|
|
61,600 |
|
|
| Supplemental balance sheet information related to leases was as follows: |
Supplemental balance sheet information related to
leases was as follows:
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June 30,
2024 |
|
December 31,
2023 |
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| Operating Leases |
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|
|
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| Operating lease right-of-use assets |
|
$ |
3,414,831 |
|
$ |
3,514,055 |
|
| |
|
|
|
|
|
|
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| Operating lease current liabilities |
|
|
391,699 |
|
|
368,313 |
|
| Operating lease long term liabilities |
|
|
3,202,697 |
|
|
3,336,300 |
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| Total operating lease liabilities |
|
$ |
3,594,396 |
|
$ |
3,704,613 |
|
| |
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| Finance Leases |
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|
|
|
|
|
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| Property and equipment, at cost |
|
$ |
577,929 |
|
$ |
577,929 |
|
| Accumulated depreciation |
|
|
(219,254 |
) |
|
(161,461 |
) |
| Property and equipment, net |
|
$ |
358,675 |
|
$ |
416,468 |
|
| |
|
|
|
|
|
|
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| Finance lease current liabilities |
|
|
112,689 |
|
|
109,540 |
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| Finance lease long term liabilities |
|
|
259,479 |
|
|
316,623 |
|
| Total finance lease liabilities |
|
$ |
372,168 |
|
$ |
426,163 |
|
| |
|
June 30,
2024 |
|
December 31,
2023 |
|
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|
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| Weighted Average Remaining Lease Term |
|
|
|
|
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| Operating leases |
|
5.56 Years |
|
6.88 Years |
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| Finance leases |
|
3.22 Years |
|
3.72 Years |
|
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| Weighted Average Discount Rate |
|
|
|
|
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| Operating leases |
|
6.60% |
|
5.76% |
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| Finance leases |
|
6.25% |
|
6.19% |
|
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| 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 |
|
$ |
266,990 |
|
|
65,718 |
|
| 2025 |
|
|
533,979 |
|
|
131,437 |
|
| 2026 |
|
|
533,979 |
|
|
131,437 |
|
| 2027 |
|
|
533,979 |
|
|
74,194 |
|
| 2028 |
|
|
520,985 |
|
|
6,180 |
|
| Thereafter |
|
|
1,833,603 |
|
|
— |
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| Total undiscounted lease payments |
|
|
4,223,515 |
|
|
408,966 |
|
| Less: imputed interest |
|
|
(629,119 |
) |
|
(36,799 |
) |
| Total lease liabilities |
|
$ |
3,594,396 |
|
$ |
372,168 |
|
|