Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

9. Leases

The Company leases an office, a manufacturing plant and certain equipment under non-cancellable operating lease agreements. The leases have remaining lease terms ranging from one year to ten years. 

Supplemental balance sheet information related to leases is as follows:  

Balance Sheet Location		June 30, 2023
Operating Leases
Right-of-use assets, net		$	704,090
Current liabilities	Lease liability, current maturities		307,077
Non-current liabilities	Lease liability, net of current maturities		397,013
Total operating lease liabilities		$	704,090
Finance Leases
Right-of-use assets		$	1,683,726
Current liabilities	Lease liability, current maturities		769,290
Non-current liabilities	Lease liability, net of current maturities		534,386
Total finance lease liabilities		$	1,303,676
Weighted Average Remaining Lease Term
Operating leases			2.25 years
Finance leases			1.51 years
Weighted Average Discount Rate
Operating leases			3%
Finance leases			3%

As the leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments, which is reflective of the specific term of the leases and economic environment of each geographic region. 

Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancellable leases, are as follows: 

Year Ending December 31:	Operating		Financing		Total
2023 (remaining)	$	162,000	$	402,614	$	564,614
2024		324,000		801,869		1,125,869
2025		243,000		133,645		376,645
Total lease payments		729,000		1,338,128		2,067,128
Less: Imputed interest		24,910		34,452		59,362
Present value of lease liabilities	$	704,090	$	1,303,676	$	2,007,766