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v3.23.3

Leases | 9 Months Ended
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Sep. 30, 2023
Leases |
Leases | 6. Leases The Company’s leases consist primarily of leases for office and warehouse space. For leases with terms greater than twelve months, the related asset and obligation are recorded at the present value of the lease payments over the term. Many of these leases contain rental escalation clauses which are factored into the determination of the lease payments when appropriate. When available, the lease payments are discounted using the rate implicit in the lease; however, the Company’s current leases do not provide a readily determinable implicit rate. Therefore, the Company’s incremental borrowing rate is estimated to discount the lease payments based on information available at the lease commencement. These leases contain both lease and non-lease components, which the Company has elected to treat as a single lease component. The Company elected not to recognize leases that have an original lease term, including reasonably certain renewal or purchase obligations, of twelve months or less in its condensed consolidated balance sheets for all classes of underlying assets. Lease costs for such short-term leases are expensed on a straight-line basis over the lease term. The land used by the Company to operate its seawater desalination plants in the Cayman Islands and The Bahamas is owned by the Company or leased to the Company for immaterial annual amounts and is not included in the lease amounts presented in the condensed consolidated balance sheets. All lease assets denominated in a foreign currency are measured using the exchange rate at the commencement of the lease. All lease liabilities denominated in a foreign currency are remeasured using the exchange rate as of the condensed consolidated balance sheet date. Lease assets and liabilities The following table presents the lease-related assets and liabilities and their respective classification on the condensed consolidated balance sheets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
​ | ​ | 2023 | ​ | 2022
ASSETS |  | ​ | ​ | ​ |
Current |  | ​ |  | ​ | ​ |
Prepaid expenses and other current assets | ​ | $ | 192,394 | ​ | $ | 35,624
Current assets of discontinued operations | ​ | ​ | 813 | ​ | ​ | 7,979
Noncurrent | ​ |  | ​ | ​ |  | ​
Operating lease right-of-use assets | ​ |  | 1,720,637 | ​ |  | 2,058,384
Total lease right-of-use assets | ​ | $ | 1,913,844 | ​ | $ | 2,101,987
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  |  | ​ |  |  | ​
Current |  | ​ |  | ​ | ​ |
Current maturities of operating leases | ​ | $ | 471,506 | ​ | $ | 546,851
Current liabilities of discontinued operations | ​ | ​ | 743 | ​ | ​ | 7,361
Noncurrent | ​ |  | ​ | ​ |  | ​
Noncurrent operating leases | ​ | ​ | 1,481,005 | ​ | ​ | 1,590,542
Total lease liabilities | ​ | $ | 1,953,254 | ​ | $ | 2,144,754
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term: | ​ |  |  | ​ |  |
Operating leases | ​ |  | 6.2 years | ​ |  | 6.6 years
Operating leases - discontinued operations | ​ | ​ | 0.1 years | ​ | ​ | 0.8 years
​ | ​ |  | ​ | ​ |  | ​
Weighted average discount rate: | ​ |  | ​ | ​ |  | ​
Operating leases | ​ |  | 5.45% | ​ |  | 5.11%
Operating leases - discontinued operations | ​ | ​ | 4.96% | ​ | ​ | 4.96%
​ The components of lease costs were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
​ | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Operating lease costs | ​ | $ | 181,201 | ​ | $ | 168,910 | ​ | $ | 544,530 | ​ | $ | 523,107
Short-term lease costs | ​ |  | 78,189 | ​ | ​ | 25,345 | ​ |  | 128,992 | ​ | ​ | 75,629
Lease costs - discontinued operations | ​ | ​ | 14,942 | ​ | ​ | 10,185 | ​ | ​ | 34,371 | ​ | ​ | 29,767
Total lease costs | ​ | $ | 274,332 | ​ | $ | 204,440 | ​ | $ | 707,893 | ​ | $ | 628,503
​ Supplemental cash flow information related to leases is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended September 30,
​ | ​ | 2023 | ​ | 2022
Cash paid for amounts included in measurement of liabilities: |  | ​ |  | ​ | ​ | ​
Operating cash outflows for operating leases | ​ | $ | 589,354 | ​ | $ | 582,044
Operating cash outflows for operating leases - discontinued operations | ​ | ​ | 8,405 | ​ | ​ | 6,923
​ Future lease payments relating to the Company’s operating lease liabilities from continuing operations as of September 30, 2023 were as follows: ​
​ | ​ | ​ | ​
Years ending December 31, |  | Total
2023 | ​ | $ | 175,649
2024 | ​ |  | 482,694
2025 | ​ |  | 361,961
2026 | ​ |  | 274,959
2027 | ​ | ​ | 229,416
Thereafter | ​ |  | 778,460
Total future lease payments | ​ |  | 2,303,139
Less: imputed interest | ​ |  | (350,628)
Total lease obligations | ​ |  | 1,952,511
Less: current obligations | ​ |  | (471,506)
Noncurrent lease obligations | ​ | $ | 1,481,005
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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