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Leases (Tables)
9 Months Ended
Sep. 30, 2024
Lessee Disclosure [Abstract]  
Summary of Components of Lease Expense

The components of lease expense were as follows:

 

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

 

2024

 

 

2023

 

Right-of-Use lease cost:

 

 

 

 

 

 

Amortization of right-of-use asset

 

$

1,423,179

 

 

$

79,213

 

 

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:

 

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Operating lease:

 

 

 

 

 

 

Operating lease assets

 

$

17,193,154

 

 

$

4,061,820

 

 

 

 

 

 

 

 

Current portion of operating lease liability

 

$

2,140,084

 

 

$

550,941

 

Noncurrent operating lease liability

 

 

16,005,280

 

 

 

3,671,729

 

Total operating lease liability

 

$

18,145,364

 

 

$

4,222,670

 

 

 

 

 

 

 

 

Weighted average remaining lease term:

 

 

 

 

 

 

Operating leases (in years)

 

 

4.9

 

 

 

5.9

 

Weighted average discount rate:

 

 

 

 

 

 

Operating lease

 

 

10.25

%

 

 

8.20

%

Summary of Supplemental Cash Flow and Other Information

Supplemental cash flow and other information related to operating leases was as follows:

 

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

 

2024

 

 

2023

 

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

 

 

 

 

 

 

Operating cash flows used for operating leases

 

$

1,553,753

 

 

$

128,840

 

Schedule of Future Minimum Lease Payments

The future minimum lease payments due under operating leases as of September 30, 2024 is as follows:

 

Fiscal Year Ending

 

Minimum Lease

 

December 31,

 

Commitments

 

2024 (for the three months remaining)

 

$

814,661

 

2025

 

 

4,314,293

 

2026

 

 

4,894,504

 

2027

 

 

5,004,433

 

2028 and thereafter

 

 

8,515,670

 

Total

 

$

23,543,561

 

Less effects of discounting

 

 

(5,398,197

)

Lease liability recognized

 

$

18,145,364