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Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases |
Leases |
13. | Leases
The Company leases an office, a plant and certain equipment under non-cancelable operating and finance 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 | December 31, 2023 |
| Operating Leases |  |  |  |
| Right-of-use assets, net |  | $ | 551,702 |
| Current liabilities | Lease liability, current maturities |  | 146,753 |
| Non-current liabilities | Lease liability, net of current maturities |  | 404,949 |
| Total operating lease liabilities |  | $ | 551,702 |
| Finance Leases |  |  |  |
| Right-of-use assets |  | $ | 1,435,435 |
| Current liabilities | Lease liability, current maturities |  | 709,335 |
| Non-current liabilities | Lease liability, net of current maturities |  | 144,342 |
| Total finance lease liabilities |  | $ | 853,677 |
| Weighted Average Remaining Lease Term |  |  |  |
| Operating leases |  |  | 1.75 years |
| Finance leases |  |  | 1 year |
| 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 |
| 2024 |  | $ | 324,000 |  | $ | 801,869 |  | $ | 1,125,869 |
| 2025 |  |  | 243,000 |  |  | 66,822 |  |  | 309,822 |
| Total lease payments |  |  | 567,000 |  |  | 868,691 |  |  | 1,435,691 |
| Less: Imputed interest |  |  | (15,298 | ) |  | (15,014 | ) |  | (30,312 | )
| Present value of lease liabilities |  | $ | 551,702 |  | $ | 853,677 |  | $ | 1,405,379 |
Total lease expense amounted to $943,441 and $770,272 for the years ending December 31, 2023 and 2022.

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- Definition The entire disclosure of leases. + References No definition available. + Details
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