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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases |
10. | Leases
The Company leases 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, 2024 |
| Finance Leases |  |  |  |
| Right-of-use assets |  | $ | 1,120,337 |
| Current liabilities | Lease liability, current maturities |  | 265,627 |
| Non-current liabilities | Lease liability, net of current maturities |  | — |
| Total finance lease liabilities |  | $ | 265,627 |
| Weighted Average Remaining Lease Term |  |  |  |
| Finance leases |  |  | 0.42 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) | $ | 133,645 |
| 2025 |  | 133,645 |
| Total lease payments |  | 267,290 |
| Less: Imputed interest |  | 1,663 |
| Present value of lease liabilities | $ | 265,627 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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