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Leases

9 Months Ended

Sep. 30, 2023

The Company leases an office, a manufacturing plant and certain equipment under non-cancellable 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		September 30, 2023
�	Operating Leases
	Right-of-use assets, net		$	628,181

	Current liabilities	Lease liability, current maturities		227,753
	Non-current liabilities	Lease liability, net of current maturities		397,067
	Total operating lease liabilities		$	624,820

	Finance Leases
	Right-of-use assets		$	1,575,478

	Current liabilities	Lease liability, current maturities		773,385
	Non-current liabilities	Lease liability, net of current maturities		336,960
	Total finance lease liabilities		$	1,110,345

	Weighted Average Remaining Lease Term
	Operating leases			2.00 years
	Finance leases			1.26 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-cancellable leases, are as follows:

Year Ending December 31:	Operating		Financing		Total
2023 (remaining)	$	81,000	$	400,934	$	481,934
2024		324,000		801,869		1,125,869
2025		243,000		133,645		376,645
Total lease payments		648,000		1,336,448		1,984,448
Less: Imputed interest		24,910		34,452		59,362
Present value of lease liabilities	$	623,090	$	1,301,996	$	1,925,086