Leases and Commitments (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Leases and Commitments |
|
| Summary of Lease Term and Discount Rate |
| | | | | | | | | | Lease term and discount rate | | September 30, 2024 | | Weighted average remaining lease term | | 1.88 years | | Weighted average discount rate | | 5.0 | % |
|
| Summary of Balance Sheet Information Related to Leases |
Balance sheet information related to leases as of as of September 30, 2024 and December 31, 2023 was as follows: | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Operating lease right-of-use assets | | | | | Operating lease right-of-use assets | $ | 198,634 | | | $ | 164,740 | | | | | | | Operating lease liabilities | | | | | Short-term operating lease liabilities | $ | 95,367 | | | $ | 81,236 | | | Long-term operating lease liabilities | 70,555 | | | 53,771 | | | Total operating lease liabilities | $ | 165,922 | | | $ | 135,007 | |
|
| Summary of Future Maturities of ASC 842 Lease Liabilities |
Future maturities of ASC 842 lease liabilities as of September 30, 2024 are as follows: | | | | | | | | | | | | | | | | | | | | | | Years Ending December 31, | | Principal Payments | | Imputed
Interest Payments | | Total Payments | | 2024 | | $ | 36,976 | | | $ | 1,921 | | | $ | 38,897 | | | 2025 | | 88,889 | | | 3,696 | | | 92,585 | | | 2026 | | 22,735 | | | 1,170 | | | 23,905 | | | 2027 | | 8,831 | | | 626 | | | 9,457 | | | 2028 | | 8,491 | | | 178 | | | 8,669 | | | Total future maturities | | $ | 165,922 | | | $ | 7,591 | | | $ | 173,513 | |
|
| Summary of Total Lease Expense, Under ASC 842, was Included in Selling, General, and Administrative Expenses in Consolidated Statement of Operations |
Total lease expense, under ASC 842, was included in Selling, general, and administrative expenses in our unaudited condensed consolidated statement of operations for the three and nine months ended September 30, 2024 and 2023 as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Operating lease expense – fixed payments | | $ | 39,368 | | | $ | 40,060 | | | $ | 117,221 | | | $ | 169,496 | | | Short term lease expense | | 10,710 | | | 10,846 | | | 34,929 | | | 48,399 | | | Total lease expense | | $ | 50,078 | | | $ | 50,906 | | | $ | 152,150 | | | $ | 217,895 | |
|
| Summary of Supplemental Cash Flows Information Related to Leases |
Supplemental cash flows information related to leases was as follow: | | | | | | | | | | | | | | | | | For the nine months ended September 30, | | | 2024 | | 2023 | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | Operating cash flows from operating leases | | $ | (111,277) | | | $ | (145,483) | |
|