LEASES

6 Months Ended

Jun. 30, 2024

LEASES

LEASES

NOTE 11 — LEASES

The following table depicts the Company’s future annual minimum leases payments as of June 30, 2024:

	Operating
	Leases
Consumer
2024	$	344,789
2025		544,944
2026		514,210
2027		209,324
2028		159,210
Thereafter		39,803
Total minimum lease payments		1,812,280
Less imputed interest		(105,001	)
Sub-total		1,707,279
Commercial
2024		699,643
2025		1,321,299
2026		474,320
2027		33,454
2028		-
Thereafter		-
Total minimum lease payments		2,528,716
Less imputed interest		(93,148	)
Sub-total		2,435,568
Total		4,142,847
Current portion		1,939,765
	$	2,203,082

All of the Company’s leased facilities as of June 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. Leasing costs for the three months ended June 30, 2024 and 2023 were $767,902 and $705,635, respectively, comprised of a combination of minimum lease payments and variable lease costs. Leasing costs for the six months ended June 30, 2024 and 2023 were $1,552,637 and $1,361,885, respectively, comprised of a combination of minimum lease payments and variable lease costs.

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