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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Estimated Useful Lives Depreciation is computed using the straight line method over the estimated useful lives of the assets as follows:

Furniture, fixtures and equipment

5 years

Computer equipment

3 years

Software and capitalized software

3 years

Buildings

30 years

Leasehold improvements

5 years

Rental clocks

5 years

Land improvements

15 years

Vehicles

3 years

Summary of Changes in Deferred Revenue Related to Material Rights

Changes in deferred revenue related to material rights for the years ended December 31, 2023 and 2022 were as follows:

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Balance, beginning of period

 

$

117,416

 

 

$

101,426

 

Recognition of revenue included in beginning of period balance

 

 

(19,089

)

 

 

(15,949

)

Contract balance, net of revenue recognized during the period

 

 

32,142

 

 

 

31,939

 

Balance, end of period

 

$

130,469

 

 

$

117,416

 

Summary of Asset Balances and Related Amortization Expense For Contract Costs

The following tables present the asset balances and related amortization expense for these contract costs:

 

 

As of and for the Year Ended December 31, 2023

 

 

 

Beginning Balance

 

 

Capitalization of Costs

 

 

Amortization

 

 

Ending Balance

 

 Costs to obtain a contract

 

$

325,457

 

 

$

107,796

 

 

$

(54,786

)

 

$

378,467

 

 Costs to fulfill a contract

 

$

338,895

 

 

$

133,723

 

 

$

(52,607

)

 

$

420,011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of and for the Year Ended December 31, 2022

 

 

 

Beginning Balance

 

 

Capitalization of Costs

 

 

Amortization

 

 

Ending Balance

 

 Costs to obtain a contract

 

$

272,919

 

 

$

97,978

 

 

$

(45,440

)

 

$

325,457

 

 Costs to fulfill a contract

 

$

265,657

 

 

$

114,152

 

 

$

(40,914

)

 

$

338,895