v3.25.1
LEASES
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
LEASES LEASES
In February 2024, the Company added additional office space to the existing lease via an amendment. This amendment did not significantly change the overall terms of the amendment signed in 2023 and as a result was treated as a lease modification. The modification increased our right of use asset and liability by $359,352.
On December 2, 2024, the Company recognized a lease right of use asset and liabilities related to office space leased by Carlisle in Luxembourg, as part of the business combination. Refer to Note 3 Business Combinations for additional information. The Carlisle Lease terminates at the end of July 2033. There is no substantive option to terminate the Luxembourg Lease before the end of its term. The Luxembourg Lease increased the Company’s right of use asset and liability by $2,779,748.
The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts:
As of March 31, 2025As of December 31, 2024
Assets:
Operating lease right-of-use assets$4,673,433 $4,722,573 
Liabilities:
Operating lease liability, current514,137 515,597 
Operating lease liability, non-current4,460,924 4,580,158 
Total lease liability$4,975,061 $5,095,755 
The Company recognizes lease expense for its operating leases within general, administrative, and other expenses on the Company’s consolidated statements of operations and comprehensive income (loss). The Company’s lease expense for the periods presented consisted of the following:
Three Months Ended March 31,
20252024
Operating lease cost$179,143 $121,833 
Variable lease cost25,150 20,769 
Total lease cost$204,293 $142,602 
The following table shows supplemental cash flow information related to lease activities for the periods presented:
Three Months Ended March 31,
20252024
Cash paid for amounts included in the measurement of the lease liability
Operating cash flows from operating leases$323,911 $85,314 
ROU assets obtained in exchange for new lease liabilities— 359,352 
The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:
Three Months Ended March 31,
20252024
Weighted-average remaining lease term (in years)6.725.76
Weighted-average discount rate9.78 %9.67 %
Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at March 31, 2025 are as follows:
Operating leases
Remaining of 2025$749,919 
20261,027,572 
20271,058,373 
20281,090,067 
20291,122,833 
Thereafter1,917,564 
Total operating lease payments (undiscounted)6,966,328 
Less: Imputed interest(1,991,267)
Lease liability as of March 31, 2025$4,975,061