| 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, 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 |
|
$ |
96,243 |
|
|
$ |
— |
|
| Interest on lease liabilities - finance lease |
|
|
23,550 |
|
|
|
— |
|
| Operating lease cost |
|
|
29,915 |
|
|
|
— |
|
| Total lease cost |
|
$ |
149,708 |
|
|
$ |
— |
|
|
| SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES |
Supplemental
balance sheet information relating to leases was as follows as of March 31, 2024, and December 31, 2023:
SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES
| Operating leases: |
|
2024 |
|
|
2023 |
|
| Operating lease right-of-use assets |
|
$ |
347,860 |
|
|
$ |
370,312 |
|
| Operating lease liability, current |
|
$ |
96,631 |
|
|
$ |
94,708 |
|
| Operating lease liability, long-term |
|
$ |
258,110 |
|
|
$ |
283,001 |
|
| Finance leases: |
|
2024 |
|
|
2023 |
|
| Finance lease right-of-use asset, gross |
|
$ |
1,294,168 |
|
|
$ |
1,294,168 |
|
| Accumulated amortization |
|
|
(224,567 |
) |
|
|
(128,324 |
) |
| Finance lease right-of-use asset, net |
|
|
1,069,601 |
|
|
|
1,165,844 |
|
| Finance lease liability, current portion |
|
|
372,787 |
|
|
|
365,463 |
|
| Finance lease liability, long-term |
|
|
739,478 |
|
|
|
835,467 |
|
| Total finance lease liabilities |
|
$ |
1,112,265 |
|
|
$ |
1,200,930 |
|
| Weighted-average remaining lease term: |
|
2024 |
|
|
2023 |
|
| Operating leases (in years) |
|
|
3.33 |
|
|
|
3.58 |
|
| Finance leases (in years) |
|
|
3.04 |
|
|
|
3.25 |
|
| Weighted-average discount rate: |
|
2024 |
|
|
2023 |
|
| Operating leases |
|
|
8.07 |
% |
|
|
8.07 |
% |
| Finance leases |
|
|
8.01 |
% |
|
|
8.01 |
% |
|
| SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE |
Future
minimum lease payment under non-cancellable lease as of March 31, 2024, are as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE
| |
|
Operating Leases |
|
|
Finance Leases |
|
| Remaining for 2024 |
|
$ |
91,294 |
|
|
$ |
336,378 |
|
| 2025 |
|
|
121,726 |
|
|
|
448,505 |
|
| 2026 |
|
|
121,726 |
|
|
|
270,395 |
|
| 2027 and thereafter |
|
|
71,007 |
|
|
|
202,970 |
|
| Total undiscounted cash flows |
|
|
405,753 |
|
|
|
1,258,248 |
|
| Less discounting |
|
|
(51,012 |
) |
|
|
(145,983 |
) |
| Present value of lease liabilities |
|
$ |
354,741 |
|
|
$ |
1,112,265 |
|
|