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| LEASE | 5. LEASE
The Company entered into an operating lease for office space which became effective in June 2020. The lease term is 10 years from the effective date and allows for two optional extensions of five years each. The two optional extensions are not recognized as part of the right-of-use asset or lease liability since it is not reasonably certain that the Company will extend this lease. As of March 31, 2025, the remaining lease term was 5.2 years and the discount rate was 6%.
Operating lease cost included in selling, general and administrative expenses was $189,425 and $189,020 for the three months ended March 31, 2025 and 2024, respectively. Cash paid for the operating lease was $142,992 for both the three months ended March 31, 2025 and 2024.
The following is the lease maturity analysis of our operating lease as of March 31, 2025:
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