The Company’s components of lease expense are as follows:
|
|
|
|
|
|
|
Year Ended
December 31,
2024 |
|
Operating Lease – Office Lease |
|
$ |
112,749 |
|
Operating Lease – Ground Lease |
|
|
96,896 |
|
Short Term Lease Costs |
|
|
14,967 |
|
Variable Lease Costs |
|
|
192,016 |
|
TOTAL |
|
$ |
416,628 |
|
Weighted average remaining lease term and weighted average discount rate are as follows:
|
|
|
|
|
Weighted Average Remaining Lease Term (Years) – Operating Leases |
|
|
5.96 |
|
Weighted Average Discount Rate – Operating Leases |
|
|
12.50 |
% |
Estimated future minimum lease obligations are as follow for the years ending December 31:
|
|
|
|
|
YEAR |
|
|
|
2024 |
|
$ |
221,426 |
|
2025 |
|
|
226,903 |
|
2026 |
|
|
221,722 |
|
2027 |
|
|
109,058 |
|
2028 |
|
|
112,329 |
|
Thereafter |
|
|
357,616 |
|
Total |
|
|
1,249,054 |
|
Less Imputed Interest |
|
|
(423,893 |
) |
OPERATING LEASE LIABILITY |
|
$ |
825,161 |
|
|