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Leases | 12 Months Ended
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Dec. 31, 2024
Leases |
Leases |
12. | Leases
The Company leased certain equipment under non-cancelable operating and finance lease agreements. The leases have remaining lease terms of less than one year. Supplemental balance sheet information related to leases is as follows:
| Balance Sheet Location | December 31, 2024 |
| Finance Leases |  |  |  |
| Right-of-use assets, net |  | $ | — |
| Current liabilities | Lease liability, current maturities |  | 66,821 |
| Non-current liabilities | Lease liability, net of current maturities |  | — |
| Total financing lease liabilities |  | $ | 66,821 |
| Weighted Average Remaining Lease Term |  |  |  |
| Finance leases |  |  | 0.10 year |
| Weighted Average Discount Rate |  |  |  |
| Finance leases |  |  | 3% |
As of December 31, 2024 the balance of right-of-use asset was deemed impaired and the Company recorded and impairment loss of $1,015,304. The impairment was due to non-use of such assets, and the Company in negotiations with the current lessor. The Company believes it will not be able to recognize the value of the asset further and has thus deemed it fully impaired. Additionally, the Company recorded an amount of $551,502 as an impairment loss for additional potential amounts due through the estimated remainder of the lease. 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, |  |  | Financing |
| 2024 |  | $ | 66,821 |
| Less: Imputed interest |  |  | — |
| Present value of lease liabilities |  | $ | 66,821 |
Total lease expense amounted to $370,238 and $943,441 for the years ending December 31, 2024 and 2023.

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