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Leases

3 Months Ended

Mar. 31, 2023

The Company leases an office, a manufacturing plant and certain equipment under non-cancelable operating lease agreements. The leases have remaining lease terms ranging from one year to ten years.

Supplemental balance sheet information related to leases is as follows:

Balance Sheet Location		March 31, 2023
Operating Leases
Right-of-use assets, net		$	2,396,732

Current liabilities	Lease liability, current maturities		415,772
Non-current liabilities	Lease liability, net of current maturities		2,004,630
Total operating lease liabilities		$	2,420,402

Finance Leases
Right-of-use assets		$	1,793,584

Current liabilities	Lease liability, current maturities		696,330
Non-current liabilities	Lease liability, net of current maturities		804,691
Total finance lease liabilities		$	1,501,021

Weighted Average Remaining Lease Term
Operating leases			6.80 years
Finance leases			1.75 years
Weighted Average Discount Rate
Operating leases			3%
Finance leases			3%

As the leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments, which is reflective of the specific term of the leases and economic environment of each geographic region.

Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancelable leases, are as follows:

Year Ending December 31:		Operating		Financing		Total
2023 (remaining)	$	389,803	$	608,122	$	997,925
2024		523,722		801,869		1,325,591
2025		446,349		136,234		582,583
2026		207,379		—		207,379
2027		1,119,901		—		1,119,901
Thereafter		—		—		—
Total lease payments		2,687,154		1,546,225		4,233,379
Less: Imputed interest		266,753		45,204		311,957
Present value of lease liabilities	$	2,420,401	$	1,501,021	$	3,921,422