v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of ROU Assets and Lease Liabilities
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 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 %
Schedule of Lease Expense 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 
Schedule of Future Minimum Noncancellable Lease Payments
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