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Right-of-Use Assets and Liabilities | 12 Months Ended
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Dec. 31, 2023
Right-of-Use Assets and Liabilities |
Right-of-Use Assets and Liabilities | Note 16 — Right-of-Use Assets and Liabilities The Company has signed lease agreements, with the largest being for its office and manufacturing facility in the West Henrietta, New York area under an operating lease that commenced October 3, 2015, and was set to expire on October 3, 2020. This lease has an original five-year term with an option by the Company to renew for two additional three-year terms at pre-agreed to lease rates. On June 25, 2020, the Company exercised the first of two renewal terms, extending our current lease term to January 31, 2024. On January 16, 2024, the Company exercised the second renewal extending our current lease term to November 30, 2025. This lease renewal was not recorded in our Consolidated Balance Sheets as its renewal was not reasonably certain as of December 31, 2023. In October 2022, we leased an additional 12,000 square feet for our new waveguide manufacturing facility adjacent to our existing facility in West Henrietta, New York. This lease has an original three-year term, expiring on November 30, 2025, with an option by the Company to renew for two additional one-year terms at pre-agreed to lease rates. This lease commenced on December 1, 2022, and monthly base rent lease payments are $9,503 plus additional rent of $2,587. Operating lease costs under our operating leases totaled $828,007, $659,045 and $630,085 for the years ended December 31, 2023, 2022 and 2021, respectively. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. The leases generally also include real estate taxes and common area maintenance charges in the annual rental payments. Short-term leases are leases having a term of twelve (12) months or less. The Company recognizes short-term leases on an as-incurred basis and does not record a related lease asset or liability for such leases. As none of our leases provide an implicit interest rate, we use our incremental borrowing rate to determine our discount rate at lease inception based upon the information available at commencement in determining the present value of lease payments. As of December 31, 2023, the weighted average discount rate was 8.3% and the weighted average remaining lease term was 1.9 years. As of December 31, 2022, the weighted average discount rate was 7.1% and the weighted average remaining lease term was 1.8 years. Future lease payments under operating leases as of December 31, 2023 were as follows: ​
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2024 | ​ | $ | 191,120
2025 | ​ |  | 132,982
Total Future Lease Payments | ​ |  | 324,102
Less: Imputed Interest | ​ |  | (22,917)
Total Lease Liability Balance | ​ | $ | 301,185
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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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