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Leases (Tables)
12 Months Ended
Dec. 31, 2023
Leases  
Lease cost

 

 

YEARS ENDED

 

 

 

DECEMBER 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Operating lease expense

 

$12,463

 

 

$16,351

 

 

 

 

 

 

 

 

 

 

Finance lease expense:

 

 

 

 

 

 

 

 

Amortization of right of use assets

 

$684,600

 

 

$682,102

 

Interest on finance lease liabilities

 

 

214,954

 

 

 

241,444

 

 

 

 

 

 

 

 

 

 

Total finance lease expense

 

$899,554

 

 

$923,546

 

Supplemental information related to leases

 

 

YEARS ENDED

 

 

 

DECEMBER 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from leases

 

$227,417

 

 

$257,795

 

Financing cash flows from leases

 

 

586,833

 

 

 

600,438

 

 

 

DECEMBER 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Lease right of use assets, net

 

$4,045,222

 

 

$4,723,899

 

Current portion of lease liabilities

 

 

638,258

 

 

 

596,529

 

Lease liabilities, net of current portion

 

 

4,114,516

 

 

 

4,745,909

 

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term

 

 

 

 

 

 

 

 

Finance leases

 

 

10.2

 

 

 

11

 

Weighted average discount rate

 

 

 

 

 

 

 

 

Finance leases

 

 

3.5%

 

 

3.5%
Maturities of lease liabilities

2024

 

$822,740

 

2025

 

 

730,500

 

2026

 

 

631,541

 

2027

 

 

633,663

 

2028

 

 

695,939

 

Thereafter

 

 

2,228,121

 

Total undiscounted finance lease payments

 

 

5,742,504

 

Less: Imputed interest

 

 

989,730

 

Total lease liability

 

$4,752,774