LEASES (Tables)
|
12 Months Ended |
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 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: |
|
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 |
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 |
|
|