On July 31, 2024, the Company entered into a 10-year extension of its lease through March 31, 2035, for office space of approximately 40,158 square feet at a single location.

As of June 30, 2025, the carrying value of the right-of-use asset, which is included in property and equipment on the consolidated balance sheets, was approximately $3.6 million. As of June 30, 2025, the carrying value of the lease liability was approximately $6.6 million.

Lease liability is measured at the present value of the remaining lease payments, discounted using the discount rate determined at the lease commencement date.

As of June 30, 2025, the weighted average discount rate applied to the Company’s lease liability was 6.5%, reflective of the Company’s incremental borrowing rate. The determination of the incremental borrowing rate involves judgement, including assumptions about the Company’s credit risk, economic conditions, and the lease-specific circumstances such as lease term and asset class. Changes in these assumptions could have a material impact on the measurement of the Company’s lease liability.

The following table summarizes the total lease and operating expenses for the three-month and six-month periods ended June 30, 2025 and 2024:


	June 30, 2025		June 30, 2024
Three Months Ended	$	258,381	$	235,071
Six Months Ended	$	481,836	$	436,666

The following table provides a maturity analysis of the Company’s operating lease liability, based on undiscounted cash flows, as of June 30, 2025:


	As of June 30, 2025
2025	$	389,935
2026	821,231
2027	845,928
2028	871,429
2029	897,430
2030 and Thereafter	5,169,841
Total undiscounted operating lease payments	8,995,794
Less: Imputed interest	(2,415,643)
Present value of operating lease liability	$	6,580,151