The Company has two non-cancelable operating leases, for office and warehousing space, that expires in January 2027 and February 2027, respectively. Rent expense for these operating leases is recognized over the term of the lease on a straight-line basis.

Below is a summary of the Company's Operating Right-of-Use Assets and Operating Lease liabilities as of March 31, 2025 and December 31,2024:

During the three months ended March 31, 2025 and 2024 the Company recognized $71,502 and $72,851, respectively, in operating lease expenses, which are included in office lease and expenses in the Company's consolidated statements of operations and comprehensive income (loss). Generally, the Company's lease agreements do not specify an implicit rate. Therefore, the Company estimates the incremental borrowing rate, which is defined as the interest rate the Company would pay to borrow on a collateralized basis, considering such factors as length of lease term and the risks of the economic environment in which the leased asset operates.

As of March 31, 2025, and December 31, 2024 the following disclosures for the remaining lease terms and incremental borrowing rates were applicable:

 

Maturities of lease liabilities as of March 31, 2025 were as follows:

Supplemental cash flow information for the three months ended March 31, 2025 and 2024 are as follows: