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Leases | 6 Months Ended
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Jun. 30, 2024
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. Effective May 1, 2024, the Company entered into a new office lease for the existing office located in Grand Cayman, Cayman Islands under similar terms compared to the prior lease. This new lease has a term of five years from the commencement date with an option for an additional five-year term. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, | ​ | December 31,
​ | ​ | 2024 | ​ | 2023
ASSETS |  | ​ | ​ | ​ |
Current |  | ​ |  | ​ | ​ |
Prepaid expenses and other current assets | ​ | $ | — | ​ | $ | 110,541
Current assets of discontinued operations | ​ | ​ | — | ​ | ​ | —
Noncurrent | ​ |  | ​ | ​ |  | ​
Operating lease right-of-use assets | ​ |  | 3,532,430 | ​ |  | 2,135,446
Total lease right-of-use assets | ​ | $ | 3,532,430 | ​ | $ | 2,245,987
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES |  |  | ​ |  |  | ​
Current |  | ​ |  | ​ | ​ |
Current maturities of operating leases | ​ | $ | 618,705 | ​ | $ | 456,865
Current liabilities of discontinued operations | ​ | ​ | — | ​ | ​ | —
Noncurrent | ​ |  | ​ | ​ |  | ​
Noncurrent operating leases | ​ | ​ | 2,949,303 | ​ | ​ | 1,827,302
Total lease liabilities | ​ | $ | 3,568,008 | ​ | $ | 2,284,167
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term: | ​ |  |  | ​ |  |
Operating leases | ​ |  | 5.5 years | ​ |  | 6.1 years
​ | ​ |  | ​ | ​ |  | ​
Weighted average discount rate: | ​ |  | ​ | ​ |  | ​
Operating leases | ​ |  | 6.56% | ​ |  | 5.67%
​ The components of lease costs were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended June 30, |  | Six Months Ended June 30,
​ | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Operating lease costs | ​ | $ | 214,730 | ​ | $ | 192,951 | ​ | $ | 420,602 | ​ | $ | 363,329
Short-term lease costs | ​ |  | 47,415 | ​ | ​ | 25,457 | ​ |  | 117,124 | ​ | ​ | 50,803
Lease costs - discontinued operations | ​ | ​ | 12,022 | ​ | ​ | 8,643 | ​ | ​ | 24,142 | ​ | ​ | 19,429
Total lease costs | ​ | $ | 274,167 | ​ | $ | 227,051 | ​ | $ | 561,868 | ​ | $ | 433,561
​ Supplemental cash flow information related to leases is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Six Months Ended June 30,
​ | ​ | 2024 | ​ | 2023
Cash paid for amounts included in measurement of liabilities: |  | ​ |  | ​ | ​ | ​
Operating cash outflows for operating leases | ​ | $ | 455,149 | ​ | $ | 398,017
Operating cash outflows for operating leases - discontinued operations | ​ | ​ | — | ​ | ​ | 5,694
​ Future lease payments relating to the Company’s operating lease liabilities from continuing operations as of June 30, 2024 were as follows: ​
​ | ​ | ​ | ​
Years ending December 31, |  | Total
2024 | ​ | $ | 418,757
2025 | ​ |  | 836,548
2026 | ​ |  | 763,783
2027 | ​ |  | 732,904
2028 | ​ | ​ | 749,143
Thereafter | ​ |  | 769,215
Total future lease payments | ​ |  | 4,270,350
Less: imputed interest | ​ |  | (702,342)
Total lease obligations | ​ |  | 3,568,008
Less: current obligations | ​ |  | (618,705)
Noncurrent lease obligations | ​ | $ | 2,949,303
​

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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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