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Leases (Tables) | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Schedule of Operating Lease and Other Supplemental Information | The following amounts were recorded in the Company’s balance sheet relating to its operating and finance leases and other supplemental information:
|  | June 30, 2024 |  |  | December 31, 2023 |
Right -of-use operating lease asset |  | $ | 828,447 |  |  | $ | 1,135,668 |
Right-of-use finance lease asset |  |  | 515,248 |  |  |  | 583,484 |
Current portion of obligations under operating leases |  |  | 384,415 |  |  |  | 539,599 |
Current portion of obligations under finance leases |  |  | 124,293 |  |  |  | 118,416 |
Obligations under operating leases, non-current |  |  | 468,796 |  |  |  | 636,414 |
Obligations under finance leases, non-current |  |  | 415,619 |  |  |  | 479,271 |
Total lease liabilities |  | $ | 1,393,123 |  |  | $ | 1,773,700 |
Other supplemental information: |  |  |  |  |  |  |  |
Weighted average remaining lease term (years) |  |  |  |  |  |  |  |
Operating lease |  |  | 2.82 |  |  |  | 2.86 |
Finance lease |  |  | 3.78 |  |  |  | 4.28 |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating lease |  |  | 4.19 | % |  |  | 4.26 | %
Finance lease |  |  | 9.76 | % |  |  | 9.75 | %
Schedule of Maturity Analysis of Operating Lease Liabilities | The following table presents the maturity analysis of operating and finance lease liabilities as of June 30, 2024:
Years |  | Operating Leases |
2024 |  | $ | 232,036 |
2025 |  |  | 291,270 |
2026 |  |  | 186,931 |
2027 |  |  | 138,284 |
2028 |  |  | 58,566 |
Total lease payments |  |  | 907,087 |
Less interest |  |  | 53,876 |
Present value of lease liabilities |  |  | 853,211 |
Schedule of Maturity Analysis of Finance Leases Liabilities |
Years |  | Finance Leases |
2024 |  | $ | 85,738 |
2025 |  |  | 171,476 |
2026 |  |  | 171,476 |
2027 |  |  | 171,476 |
2028 |  |  | 47,607 |
Total lease payments |  |  | 647,773 |
Less interest |  |  | 107,861 |
Present value of lease liabilities |  |  | 539,912 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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