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Leases | 9 Months Ended
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Sep. 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. These 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 condensed consolidated statements of operations were $133,892 and $163,475 for the three months ended September 30, 2024, and 2023, respectively and $461,822 and $436,205 for the nine months ended September 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 for the three months ended September 30, 2024, and 2023. Finance lease costs recorded in depreciation and amortization in the consolidated statements of operations were $102,354 and $64,762 for the nine months ended September 30, 2024, and 2023, respectively. Finance lease costs recorded in interest expense in the consolidated statements of operations were $12,672 and $15,460 for the three months ended September 30, 2024, and 2023, respectively. Finance lease costs recorded in interest expense in the consolidated statements of operations were $40,167 and $29,718 for the nine months ended September 30, 2024, and 2023, respectively. The following amounts were recorded in the Company’s balance sheet relating to its operating and finance lease and other supplemental information:
|  | September 30, 2024 |  | December 31, 2023
Operating lease ROU assets |  | $ | 1,402,462 |  |  | $ | 1,135,668 |
Finance lease ROU assets |  |  | 481,130 |  |  |  | 583,484 |
Current operating lease liabilities |  |  | 576,890 |  |  |  | 539,599 |
Current finance lease liabilities |  |  | 127,341 |  |  |  | 118,416 |
Non-current operating lease liabilities |  |  | 909,468 |  |  |  | 636,414 |
Non-current finance lease liabilities |  |  | 382,618 |  |  |  | 479,271 |
Total lease liabilities |  | $ | 1,996,317 |  |  | $ | 1,773,700 |
Other supplemental information: |  |  |  |  |  |  |  |
Weighted average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 2.57 |  |  |  | 2.86 |
Finance leases |  |  | 3.53 |  |  |  | 4.28 |
Weighted average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 4.90 | % |  |  | 4.26 | %
Finance leases |  |  | 9.76 | % |  |  | 9.75 | %
The following tables present the maturity analysis of operating and finance lease liabilities as of September 30, 2024: Operating leases
Years |  | Operating Leases
2024 |  | $ | 162,320
2025 |  |  | 611,775
2026 |  |  | 552,748
2027 |  |  | 200,061
2028 |  |  | 58,565
Total lease payments |  |  | 1,585,469
Less interest |  |  | 99,111
Present value of lease liabilities |  |  | 1,486,358
Finance leases
Years |  | Finance Leases
2024 |  | $ | 42,869
2025 |  |  | 171,476
2026 |  |  | 171,476
2027 |  |  | 171,476
2028 |  |  | 47,607
Total lease payments |  |  | 604,904
Less interest |  |  | 94,945
Present value of lease liabilities |  |  | 509,959
The Company has deposited security payments related to the facility leases of $80,794 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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