LEASES (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Leases |
|
| SCHEDULE OF COMPONENTS OF LEASE EXPENSE |
The
components of lease expense, which are included in selling, general and administrative expense and depreciation and amortization for
the year ended December 31, 2024, and 2023 are as follows:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE
| Components
of lease expense: | |
2024 | | |
2023 | |
| Amortization of right-of-use assets
- finance lease | |
$ | 384,971 | | |
$ | 128,324 | |
| Interest on lease liabilities - finance lease | |
| 83,041 | | |
| 33,838 | |
| Operating lease cost | |
| 93,029 | | |
| 39,887 | |
| Total lease cost | |
$ | 561,041 | | |
$ | 202,049 | |
| | |
| | | |
| | |
| Cash paid for amounts included in the measurement
of lease liabilities: | |
| | | |
| | |
| Operating cash flows from finance leases | |
$ | 361,181 | | |
$ | 93,238 | |
| Operating cash flows from operating leases | |
| 133,605 | | |
| 32,489 | |
|
| SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES |
SCHEDULE OF BALANCE SHEET INFORMATION RELATING TO LEASES
| Operating
leases: | |
2024 | | |
2023 | |
| Operating
lease right-of-use, assets | |
$ | 463,011 | | |
$ | 370,312 | |
| Operating lease liability, current | |
| 127,498 | | |
| 94,708 | |
| Operating lease liability,
non-current | |
| 342,098 | | |
| 283,001 | |
| Total operating lease
liabilities | |
$ | 469,596 | | |
$ | 377,709 | |
| Financing
leases: | |
2024 | | |
2023 | |
| Financing lease right-of-use assets,
gross | |
$ | 1,294,168 | | |
$ | 1,294,168 | |
| Accumulated amortization | |
| (513,296 | ) | |
| (128,324 | ) |
| Finance lease right-of-use
assets, net | |
$ | 780,872 | | |
$ | 1,165,844 | |
| Financing lease liability, current | |
| 395,301 | | |
| 365,463 | |
| Financing lease liability,
non-current | |
| 444,448 | | |
| 835,467 | |
| Total finance lease
liabilities | |
$ | 839,749 | | |
$ | 1,200,930 | |
| Weighted-average
remaining lease term: | |
2024 | | |
2023 | |
| Operating leases (in years) | |
| 4.21 | | |
| 3.58 | |
| Finance leases (in years) | |
| 2.39 | | |
| 3.25 | |
| Weighted-average
discount rate: | |
2024 | | |
2023 | |
| Operating leases | |
| 7.41 | % | |
| 8.07 | % |
| Finance leases | |
| 8.03 | % | |
| 8.01 | % |
|
| SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT UNDER NON-CANCELLABLE
| | |
Operating
Leases | | |
Finance
Leases | |
| 2025 | |
$ | 157,837 | | |
$ | 448,505 | |
| 2026 | |
| 159,282 | | |
| 270,395 | |
| 2027 | |
| 110,063 | | |
| 202,970 | |
| 2028 | |
| 40,616 | | |
| — | |
| 2029 | |
| 42,252 | | |
| — | |
| 2030 and thereafter | |
| 28,919 | | |
| — | |
| Total undiscounted cash flows | |
| 538,969 | | |
| 921,870 | |
| Less discounting | |
| (69,373 | ) | |
| (82,121 | ) |
| Present value of lease
liabilities | |
$ | 469,596 | | |
$ | 839,749 | |
|