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LEASES (Tables)
 9 Months Ended
Sep. 30, 2024
Leases  
SCHEDULE OF SUPPLEMENTAL BALANCE INFORMATION

Supplemental balance sheet information related to operating and financing leases was as follows:

  

Operating leases

 

   September 30, 2024   December 31, 2023 
         
Operating lease liabilities - current  $2,075,541   $847,368 
Operating lease liabilities - non-current   8,186,938    630,853 
Total  $10,262,479   $1,478,221 

 

Financing leases

 

   September 30, 2024   December 31, 2023 
         
Finance lease liabilities - current  $42,970   $41,647 
Finance lease liabilities - non-current   44,629    77,024 
Total  $87,599   $118,671 
SCHEDULE OF SUPPLEMENTAL CASH FLOW AND NON-CASH INFORMATION

The following table includes supplemental cash flow and non-cash information related to leases:

 

   September 30, 2024   December 31, 2023 
Cash paid of amounts included in the measurement of lease liabilities:          
Operating cash flows used in operating leases  $1,205,510   $1,104,769 
Financing cash flows used in finance leases  $34,744   $47,051 
Right-of-use assets obtained in exchange for lease obligations:          
Finance lease liabilities  $-   $60,805 
Operating lease liabilities  $9,758,345   $1,113,140 
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES

The weighted average remaining lease terms and discount rates for all of operating lease and finance leases were as follows:

 

   September 30, 2024   December 31, 2023 
Weighted-average remaining lease term (years):          
Finance lease   2.17 years    2.85 years 
Operating leases   4.62 years    1.82 years 
           
Weighted average discount rate:          
Finance leases   4.74%   4.61%
Operating leases   7.68%   8.61%
SCHEDULE OF MATURITIES OF OPERATING AND FINANCE LEASE LIABILITIES

The following is a schedule of maturities of operating and finance lease liabilities as of September 30, 2024:

 

Operating leases

 

Twelve months ending September 30,     
Operating leases     
2025  $2,866,655 
2026   2,629,915 
2027   2,343,000 
2028   2,343,000 
2029   2,002,000 
Total future minimum lease payments   12,184,570 
Less: imputed interest   (1,922,091)
Present value of operating lease liabilities  $10,262,479 

 

Finance leases

 

Twelve months ending September 30,     
Finance leases     
2025  $46,325 
2026   34,578 
2027   8,701 
2028   3,626 
Total future minimum lease payments   93,230 
Less: imputed interest   (5,631)
Present value of finance lease liabilities  $87,599