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LEASES
6 Months Ended
Jun. 30, 2025
LEASES  
LEASES

NOTE 11 — LEASES

The following table depicts the Company’s future minimum lease payments as of June 30, 2025:

    

Operating

Leases

Consumer

 

  

2025

$

503,126

2026

 

1,186,142

2027

 

887,803

2028

 

652,641

2029

 

533,234

Thereafter

 

203,191

Total minimum lease payments

 

3,966,137

Less: imputed interest

 

(342,884)

Sub-total

 

3,623,253

Commercial

 

  

2025

 

621,338

2026

 

474,320

2027

 

33,454

2028

 

2029

 

Thereafter

 

Total minimum lease payments

 

1,129,112

Less: imputed interest

 

(23,498)

Sub-total

 

1,105,614

Total

 

4,728,867

Less: current portion

 

1,818,941

$

2,909,926

All of the Company’s leased facilities as of June 30, 2025, are non-cancellable. The leases are a combination of triple net leases, for which the Company pays its proportionate share of common area maintenance, property taxes, and property insurance, and modified gross leases, for which the Company directly pays for common area maintenance and property insurance. Lease costs are comprised of a combination of minimum lease payments and variable lease costs.

The following table depicts supplemental cash flow information related to operating leases:

Six Months Ended June 30, 

    

2025

    

2024

Non-cash activities: right-of-use operating lease assets obtained in exchange for new operating lease liabilities

$

951,464

$

660,087

The following table depicts the Company’s leasing costs for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30, 

    

2025

    

2024

Operating lease cost

$

605,553

$

511,346

Variable lease cost

 

215,083

 

127,177

Short-term lease cost

 

31,191

 

129,379

$

851,827

$

767,902

The following table depicts the Company’s leasing costs for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30, 

    

2025

    

2024

Operating lease cost

$

1,208,522

$

984,880

Variable lease cost

 

420,664

 

387,028

Short-term lease cost

 

100,977

 

180,729

$

1,730,163

$

1,552,637

As of June 30, 2025, the weighted average remaining lease term and weighted average discount rate for operating leases were 2.8 years and 4.2%. As of June 30, 2024, the weighted average remaining lease term and weighted average discount rate for operating leases were 2.5 years and 3.8%.