LEASES (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| 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 and nine months ended September 30, 2024 and 2023, are as follows:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
Three
months ended September 30, |
|
|
Nine
months ended September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Amortization
of right-of-use asset - finance lease |
|
$ |
96,243 |
|
|
$ |
32,081 |
|
|
$ |
288,729 |
|
|
$ |
32,081 |
|
| Interest
on lease liabilities - finance lease |
|
|
21,533 |
|
|
|
8,634 |
|
|
|
67,318 |
|
|
|
8,634 |
|
| Operating
lease cost |
|
|
33,198 |
|
|
|
9,972 |
|
|
|
93,029 |
|
|
|
9,972 |
|
| Total
lease cost |
|
$ |
150,974 |
|
|
$ |
50,687 |
|
|
$ |
449,076 |
|
|
$ |
50,687 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash
paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
cash flows from finance leases |
|
$ |
(91,038 |
) |
|
$ |
— |
|
|
$ |
(270,143 |
) |
|
$ |
(8,433 |
) |
| Operating
cash flows from operating leases |
|
|
(203 |
) |
|
|
— |
|
|
|
(1,235 |
) |
|
|
— |
|
|
The
components of lease expense, which are included in selling, general and administrative expense and depreciation and amortization for
the year ended December 31, 2023, and 2022 are as follows:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE
| Components
of lease expense: |
|
2023 |
|
|
2022 |
|
| Amortization of right-of-use assets
- finance lease |
|
$ |
128,324 |
|
|
$ |
— |
|
| Interest on lease liabilities - finance lease |
|
|
33,838 |
|
|
|
— |
|
| Operating lease cost |
|
|
39,887 |
|
|
|
— |
|
| Total lease cost |
|
$ |
202,049 |
|
|
$ |
— |
|
|
| SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES |
Supplemental
balance sheet information relating to leases was as follows as of September 30, 2024, and December 31, 2023:
SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES
| Operating
leases: |
|
September
30, 2024 |
|
|
December
31, 2023 |
|
| Operating
lease right-of-use asset |
|
$ |
493,687 |
|
|
$ |
370,312 |
|
| Operating
lease liability, current |
|
$ |
124,710 |
|
|
$ |
94,708 |
|
| Operating
lease liability, long-term |
|
$ |
375,139 |
|
|
$ |
283,001 |
|
| Finance
leases: |
|
September
30, 2024 |
|
|
December
31, 2023 |
|
| Finance
lease right-of-use asset, gross |
|
$ |
1,294,168 |
|
|
$ |
1,294,168 |
|
| Accumulated
amortization |
|
|
(417,053 |
) |
|
|
(128,324 |
) |
| Finance
lease right-of-use asset, net |
|
$ |
877,115 |
|
|
$ |
1,165,844 |
|
| Finance
lease liability, current portion |
|
$ |
387,780 |
|
|
$ |
365,463 |
|
| Finance
lease liability, long-term |
|
|
543,007 |
|
|
|
835,467 |
|
| Total
finance lease liabilities |
|
$ |
930,787 |
|
|
$ |
1,200,930 |
|
| Weighted-average
remaining lease term: |
|
September
30, 2024 |
|
|
December
31, 2023 |
|
| Operating
leases (in years) |
|
|
4.17 |
|
|
|
3.58 |
|
| Finance
leases (in years) |
|
|
2.60 |
|
|
|
3.25 |
|
| Weighted-average
discount rate: |
|
September
30, 2024 |
|
|
December
31, 2023 |
|
| Operating
leases |
|
|
7.43 |
% |
|
|
8.07 |
% |
| Finance
leases |
|
|
8.02 |
% |
|
|
8.01 |
% |
|
|
| SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE |
Future
minimum lease payments under non-cancellable lease as of September 30, 2024, are as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE
| |
|
Operating
Leases |
|
|
Finance
Leases |
|
| Remaining
for 2024 |
|
$ |
39,341 |
|
|
$ |
112,126 |
|
| 2025 |
|
|
157,837 |
|
|
|
448,505 |
|
| 2026 |
|
|
159,282 |
|
|
|
270,395 |
|
| 2027 |
|
|
110,063 |
|
|
|
202,970 |
|
| 2028
and thereafter |
|
|
111,788 |
|
|
|
— |
|
| Total
undiscounted cash flows |
|
|
578,311 |
|
|
|
1,033,996 |
|
| Less
discounting |
|
|
(78,462 |
) |
|
|
(103,209 |
) |
| Present
value of lease liabilities |
|
$ |
499,849 |
|
|
$ |
930,787 |
|
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE
| |
|
Operating
Leases |
|
|
Finance
Leases |
|
| 2024 |
|
$ |
121,726 |
|
|
$ |
448,505 |
|
| 2025 |
|
|
121,726 |
|
|
|
448,505 |
|
| 2026 |
|
|
121,726 |
|
|
|
270,395 |
|
| 2027 and thereafter |
|
|
71,007 |
|
|
|
202,970 |
|
| Total undiscounted cash flows |
|
|
436,185 |
|
|
|
1,370,375 |
|
| Less discounting |
|
|
(58,476 |
) |
|
|
(169,445 |
) |
| Present value of lease
liabilities |
|
$ |
377,709 |
|
|
$ |
1,200,930 |
|
|
| SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES |
|
SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES
| Operating
leases: |
|
2023 |
|
|
2022 |
|
| Operating
lease right-of-use, assets |
|
$ |
370,312 |
|
|
$ |
— |
|
| Operating lease liability, current |
|
|
94,708 |
|
|
|
— |
|
| Operating lease liability,
non-current |
|
|
283,001 |
|
|
|
— |
|
| Total operating lease
liabilities |
|
$ |
377,709 |
|
|
$ |
— |
|
| Financing
leases: |
|
2023 |
|
|
2022 |
|
| Financing lease right-of-use assets,
gross |
|
$ |
1,294,168 |
|
|
$ |
— |
|
| Accumulated amortization |
|
|
(128,324 |
) |
|
|
|
|
| Finance lease right-of-use
assets, net |
|
$ |
1,165,844 |
|
|
$ |
— |
|
| Financing lease liability, current |
|
|
365,463 |
|
|
|
— |
|
| Financing lease liability,
non-current |
|
|
835,467 |
|
|
|
— |
|
| Financing lease liability,
long-term |
|
$ |
1,200,930 |
|
|
$ |
— |
|
| Weighted-average
remaining lease term: |
|
2023 |
|
|
2022 |
|
| Operating leases (in years) |
|
|
3.58 |
|
|
|
— |
|
| Finance leases (in years) |
|
|
3.25 |
|
|
|
— |
|
| Weighted-average
discount rate: |
|
2023 |
|
|
2022 |
|
| Operating leases |
|
|
8.07 |
% |
|
|
— |
|
| Finance leases |
|
|
8.01 |
% |
|
|
— |
|
|