LEASES (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2025 |
Dec. 31, 2024 |
| Leases |
|
|
| SCHEDULE OF COMPONENTS OF LEASE EXPENSE |
The
components of lease expense, which are included in selling, general and administrative expense and depreciation and amortization for
the three months ended March 31, 2025 and 2024, are as follows:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE
| Components of lease expense: |
|
2025 |
|
|
2024 |
|
| Amortization of right-of-use assets - finance lease |
|
$ |
96,243 |
|
|
$ |
96,243 |
|
| Interest on lease liabilities - finance lease |
|
|
13,081 |
|
|
|
23,550 |
|
| Operating lease cost |
|
|
29,793 |
|
|
|
29,915 |
|
| Total lease cost |
|
$ |
139,117 |
|
|
$ |
149,708 |
|
| |
|
|
|
|
|
|
|
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows from finance leases |
|
$ |
100,266 |
|
|
$ |
88,665 |
|
| Operating cash flows from operating leases |
|
|
29,197 |
|
|
|
30,431 |
|
|
The
components of lease expense, which are included in selling, general and administrative expense and depreciation and amortization for
the year ended December 31, 2024, and 2023 are as follows:
SCHEDULE
OF COMPONENTS OF LEASE EXPENSE
| Components
of lease expense: |
|
2024 |
|
|
2023 |
|
| Amortization of right-of-use
assets - finance lease |
|
$ |
384,971 |
|
|
$ |
128,324 |
|
| Interest on lease liabilities - finance
lease |
|
|
83,041 |
|
|
|
33,838 |
|
| Operating lease cost |
|
|
93,029 |
|
|
|
39,887 |
|
| Total lease cost |
|
$ |
561,041 |
|
|
$ |
202,049 |
|
| |
|
|
|
|
|
|
|
|
| Cash paid for amounts included in the measurement
of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash flows from finance leases |
|
$ |
361,181 |
|
|
$ |
93,238 |
|
| Operating cash flows from operating leases |
|
|
133,605 |
|
|
|
32,489 |
|
|
| SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES |
SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES
| Operating leases: |
|
March 31, 2025 |
|
|
December 31, 2024 |
|
| Operating lease right-of-use, assets |
|
$ |
431,746 |
|
|
$ |
463,011 |
|
| Operating lease liability, current |
|
$ |
130,342 |
|
|
$ |
127,498 |
|
| Operating lease liability, non-current |
|
$ |
308,415 |
|
|
$ |
342,098 |
|
| Total operating lease liabilities |
|
$ |
438,757 |
|
|
$ |
469,596 |
|
| Finance leases: |
|
March 31, 2025 |
|
|
December 31, 2024 |
|
| Finance lease right-of-use asset, gross |
|
$ |
1,294,168 |
|
|
$ |
1,294,168 |
|
| Accumulated amortization |
|
|
(609,539 |
) |
|
|
(513,296 |
) |
| Finance lease right-of-use asset, net |
|
$ |
684,629 |
|
|
$ |
780,872 |
|
| Finance lease liability, current portion |
|
$ |
403,584 |
|
|
$ |
395,301 |
|
| Finance lease liability, long-term |
|
|
335,899 |
|
|
|
444,448 |
|
| Total finance lease liabilities |
|
$ |
739,483 |
|
|
$ |
839,749 |
|
| Weighted-average remaining lease term: |
|
March 31, 2025 |
|
|
December 31, 2024 |
|
| Operating leases (in years) |
|
|
3.60 |
|
|
|
4.21 |
|
| Finance leases (in years) |
|
|
2.28 |
|
|
|
2.39 |
|
| Weighted-average discount rate: |
|
March 31, 2025 |
|
|
December 31, 2024 |
|
| Operating leases |
|
|
7.38 |
% |
|
|
7.41 |
% |
| Finance leases |
|
|
8.04 |
% |
|
|
8.03 |
% |
|
SCHEDULE
OF BALANCE SHEET INFORMATION RELATING TO LEASES
| Operating
leases: |
|
2024 |
|
|
2023 |
|
| Operating
lease right-of-use, assets |
|
$ |
463,011 |
|
|
$ |
370,312 |
|
| Operating lease liability, current |
|
|
127,498 |
|
|
|
94,708 |
|
| Operating lease liability,
non-current |
|
|
342,098 |
|
|
|
283,001 |
|
| Total operating lease
liabilities |
|
$ |
469,596 |
|
|
$ |
377,709 |
|
| Financing
leases: |
|
2024 |
|
|
2023 |
|
| Financing lease right-of-use
assets, gross |
|
$ |
1,294,168 |
|
|
$ |
1,294,168 |
|
| Accumulated amortization |
|
|
(513,296 |
) |
|
|
(128,324 |
) |
| Finance lease right-of-use
assets, net |
|
$ |
780,872 |
|
|
$ |
1,165,844 |
|
| Financing lease liability, current |
|
|
395,301 |
|
|
|
365,463 |
|
| Financing lease liability,
non-current |
|
|
444,448 |
|
|
|
835,467 |
|
| Total finance lease
liabilities |
|
$ |
839,749 |
|
|
$ |
1,200,930 |
|
| Weighted-average
remaining lease term: |
|
2024 |
|
|
2023 |
|
| Operating leases (in years) |
|
|
4.21 |
|
|
|
3.58 |
|
| Finance leases (in years) |
|
|
2.39 |
|
|
|
3.25 |
|
| Weighted-average
discount rate: |
|
2024 |
|
|
2023 |
|
| Operating leases |
|
|
7.41 |
% |
|
|
8.07 |
% |
| Finance leases |
|
|
8.03 |
% |
|
|
8.01 |
% |
|
| SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE |
Future
minimum lease payments under non-cancellable lease as of March 31, 2025, are as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE
| |
|
Operating Leases |
|
|
Finance Leases |
|
| Remaining for 2025 |
|
$ |
118,497 |
|
|
$ |
336,379 |
|
| 2026 |
|
|
159,282 |
|
|
|
270,395 |
|
| 2027 |
|
|
110,063 |
|
|
|
202,970 |
|
| 2028 |
|
|
40,616 |
|
|
|
— |
|
| 2029 |
|
|
42,252 |
|
|
|
— |
|
| 2029 |
|
|
- |
|
|
|
— |
|
| 2030 and thereafter |
|
|
28,919 |
|
|
|
— |
|
| Total undiscounted cash flows |
|
|
499,629 |
|
|
|
809,744 |
|
| Less discounting |
|
|
(60,872 |
) |
|
|
(70,261 |
) |
| Present value of lease liabilities |
|
$ |
438,757 |
|
|
$ |
739,483 |
|
|
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE
| |
|
Operating
Leases |
|
|
Finance
Leases |
|
| 2025 |
|
$ |
157,837 |
|
|
$ |
448,505 |
|
| 2026 |
|
|
159,282 |
|
|
|
270,395 |
|
| 2027 |
|
|
110,063 |
|
|
|
202,970 |
|
| 2028 |
|
|
40,616 |
|
|
|
— |
|
| 2029 |
|
|
42,252 |
|
|
|
— |
|
| 2030 and thereafter |
|
|
28,919 |
|
|
|
— |
|
| Total undiscounted cash flows |
|
|
538,969 |
|
|
|
921,870 |
|
| Less discounting |
|
|
(69,373 |
) |
|
|
(82,121 |
) |
| Present value of
lease liabilities |
|
$ |
469,596 |
|
|
$ |
839,749 |
|
|