XML 30 R18.htm IDEA: XBRL DOCUMENT v3.24.3
LEASES
9 Months Ended
Sep. 30, 2024
LEASES  
LEASES

NOTE 12 — LEASES

The following table depicts the Company’s future minimum lease payments as of September 30, 2024:

    

Operating

Leases

Consumer

 

  

2024

$

189,715

2025

 

756,159

2026

 

745,690

2027

 

440,662

2028

 

279,090

Thereafter

 

209,632

Total minimum lease payments

 

2,620,948

Less: imputed interest

 

(161,050)

Sub-total

 

2,459,898

Commercial

 

  

2024

 

349,822

2025

 

1,321,299

2026

 

474,320

2027

 

33,454

2028

 

Thereafter

 

Total minimum lease payments

 

2,178,894

Less: imputed interest

 

(70,829)

Sub-total

 

2,108,065

Total

 

4,567,963

Less: current portion

 

2,020,122

$

2,547,841

All of the Company’s leased facilities as of September 30, 2024, 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.

Lease costs for the three months ended September 30, 2024 and 2023 were $846,602 and $686,354, respectively. Lease costs for the nine months ended September 30, 2024 and 2023 were $2,399,239 and $2,048,238, respectively.

As of September 30, 2024, the weighted average remaining lease term and weighted average discount rate for operating leases were 2.8 years and 3.7%. As of September 30, 2023, the weighted average remaining lease term and weighted average discount rate for operating leases were 2.3 years and 4.4%.