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Property and Equipment, Net, and Other Assets | 6 Months Ended
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Jun. 30, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net, and Other Assets | 4. Property and Equipment, Net, and Other Assets At June 30, 2024 and December 31, 2023, property and equipment, net, and other assets consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  |  |
Property and equipment, net of accumulated depreciation of $3,380,977 and $2,932,371 as of June 30, 2024 and December 31, 2023, respectively |  | $ | 5,635,413 |  |  | $ | 2,129,176 |
Right-of-use operating lease assets |  |  | 1,587,152 |  |  |  | 1,862,455 |
Security deposits and other assets |  |  | 616,259 |  |  |  | 634,459 |
Property and equipment, net, and other assets |  | $ | 7,838,824 |  |  | $ | 4,626,090 |
We compute depreciation using the straight-line method over the estimated useful lives of the property and equipment. Depreciation expense for the three months ended June 30, 2024 was $280,054, including $240,954 of depreciation expense reflected within “Cost of revenue” in our condensed consolidated statements of operations, as it related to assets used in directly servicing customer contracts and was $453,039 for the six months ended June 30, 2024, including $374,747 of depreciation expense reflected within “Cost of revenue”. Depreciation expense for the three months ended June 30, 2023 was $256,291, including $86,714 of depreciation expense reflected within “Cost of revenue”, and was $494,453 for the six months ended June 30, 2023, including $170,837 of depreciation expense reflected in “Cost of revenue”. During the six months ended June 30, 2024, we purchased 208 compactors and related equipment for approximately $3.1 million. This equipment, which we previously leased, is located at various customer locations. In connection with the purchase, we financed 80% of the aggregate purchase price with draws on our PNC equipment term loan. Refer to Note 7, Notes Payable for additional information. Right-of-use operating lease assets related to our office leases are recognized in accordance with ASC 842. Refer to Note 8, Leases for additional information.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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