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Leases

3 Months Ended

Mar. 31, 2024

11.

Leases

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		March 31, 2024
Operating Leases
Right-of-use assets, net		$	500,396

Current liabilities	Lease liability, current maturities		65,753
Non-current liabilities	Lease liability, net of current maturities		408,894
Total operating lease liabilities		$	474,647

Finance Leases
Right-of-use assets		$	1,330,403

Current liabilities	Lease liability, current maturities		586,555
Non-current liabilities	Lease liability, net of current maturities		66,655
Total finance lease liabilities		$	653,210

Weighted Average Remaining Lease Term
Operating leases			1.75 years
Finance leases			0.75 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-cancellable leases, are as follows:

Year Ending December 31:	Operating		Financing		Total
2024 (remaining)	$	243,000	$	601,402	$	844,402
2025		243,000		66,822		309,822
Total lease payments		486,000		668,224		1,154,224
Less: Imputed interest		11,353		15,014		26,367
Present value of lease liabilities	$	474,647	$	653,210	$	1,127,857