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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
LEASES | NOTE 8 - LEASES The Company leases both office space and warehouse space for its operations. Lease maturities vary from 2 to 5 years. Leases are viewed and recorded as operating leases and as such periodic payments (monthly) are expensed according to the period for which payment is made. Operating lease costs recorded in general and administrative expenses in the consolidated statements of operations were $163,965 and $141,787 for the three months ended June 30, 2024 and 2023, respectively and $327,930 and $272,729 for the six months ended June 30, 2024 and 2023, respectively. The Company also leases multiple vehicles for its operations. The leases on vehicles generally have a 5-year term and are recorded as finance leases. Finance lease costs recorded in depreciation and amortization in the consolidated statements of operations were $34,118 and $27,523 for the three months ended June 30, 2024, and 2023, respectively. Finance lease costs recorded in depreciation and amortization in the consolidated statements of operations were $68,236 and $30,644 for the six months ended June 30, 2024, and 2023, respectively. Finance lease costs recorded in interest expense in the consolidated statements of operations were $13,395 and $12,740 for the three months ended June 30, 2024, and 2023, respectively. Finance lease costs recorded in interest expense in the consolidated statements of operations were $27,495 and $14,258 for the six months ended June 30, 2024, and 2023, respectively. 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 | %
The following table presents the maturity analysis of operating and finance lease liabilities as of June 30, 2024: Operating leases
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 |
Finance leases
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 |
The Company has deposited security payments related to the facility leases of $71,515 included in the accompanying condensed consolidated balance sheets as other assets.

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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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