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Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

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		June 30, 2024

	Finance Leases
	Right-of-use assets		$	1,225,370

	Current liabilities	Lease liability, current maturities		463,114
	Non-current liabilities	Lease liability, net of current maturities		—
	Total finance lease liabilities		$	463,114

	Weighted Average Remaining Lease Term
	Finance leases			0.67 years
	Weighted Average Discount Rate
	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:	Financing
	2024 (remaining)	$	334,112
	2025		133,645
	Total lease payments		467,757
	Less: Imputed interest		4,643
	Present value of lease liabilities	$	463,114