Leases |
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| Leases | 6. Leases
The Company leases its office facilities under noncancelable operating lease agreements. The Company has leases for office facilities in Woodbridge, New Jersey and Schaumburg, Illinois. The operating lease agreement for the Woodbridge, New Jersey location was renewed in April 2024 for a 60-month period ending in April 2029.
The Company’s operating lease liability balance was $1,449,983 as of December 31, 2024. During the six months ended June 30, 2025, the Company made payments of $152,402 against its operating lease liability, resulting in a lease liability of $1,297,581 as of June 30, 2025, of which the current portion of lease liability was $337,195, and a long-term lease liabilities balance of $960,386.
During the six months ended June 30, 2025 and 2024, lease costs totaled approximately $237,765 and $201,839, respectively and was recorded as part of selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.
As of June 30, 2025, the weighted average remaining lease terms for operating lease is 3.58 years, and the weighted average discount rate for operating lease is 8.00%.
Maturities of the Company’s operating lease liabilities are as follows as of June 30, 2025:
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