Quarterly report [Sections 13 or 15(d)]

LEASES (Tables)

v3.25.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025 and 2024, are as follows:

 

SCHEDULE OF COMPONENTS OF LEASE EXPENSE

    2025     2024     2025     2024  
    Three months ended June 30,     Six months ended June 30,  
    2025     2024     2025     2024  
Amortization of right-of-use asset - finance lease   $ 54,177     $ 224,567     $ 150,420     $ 320,810  
Interest on lease liabilities - finance lease     7,410       22,235       20,491       45,785  
Operating lease cost     39,764       29,916       79,529       59,831  
Total lease cost   $ 101,351     $ 276,718     $ 250,440     $ 426,426  
                                 
Cash paid for amounts included in the measurement of lease liabilities:                                
Operating cash flows from finance leases   $ (92,975 )   $ (90,440 )   $ (193,241 )   $ (179,105 )
Operating cash flows from operating leases     (31,443 )     (23,434 )     (56,238 )     (46,402 )
SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES

Operating leases:   June 30, 2025     December 31, 2024  
Operating lease right-of-use, assets   $ 399,879     $ 463,011  
Operating lease liability, current   $ 133,239     $ 127,498  
Operating lease liability, non-current   274,074   342,098  
Total operating lease liabilities   $ 407,313     $ 469,596  

 

Finance leases:   June 30, 2025     December 31, 2024  
Finance lease right-of-use asset, gross   $ 565,030     $ 1,294,168  
Accumulated amortization     (397,300 )     (513,296 )
Finance lease right-of-use asset, net   $ 167,730     $ 780,872  
Finance lease liability, current portion   $ 179,844     $ 395,301  
Finance lease liability, long-term     3,942       444,448  
Total finance lease liabilities   $ 183,786     $ 839,749  

 

Weighted-average remaining lease term:   June 30, 2025     December 31, 2024  
Operating leases (in years)     3.83       4.21  
Finance leases (in years)     0.88       2.39  

 

Weighted-average discount rate:   June 30, 2025     December 31, 2024  
Operating leases     7.36 %     7.41 %
Finance leases     7.85 %     8.03 %
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE

Future minimum lease payments under non-cancellable lease as of June 30, 2025, are as follows:

    Operating Leases     Finance Leases  
Remaining for 2025   $ 79,156     $ 122,767  
2026     159,282       67,425  
2027     110,063        
2028     40,616        
2029     42,252        
2030 and thereafter     28,919        
Total undiscounted cash flows     460,288       190,192  
Less discounting     (52,975 )     (6,406 )
Present value of lease liabilities   $ 407,313     $ 183,786