13. | LESSEE OPERATING LEASES |
The components of the Company’s operating lease costs are as follows for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | | Lease cost: | | | | | | | | | | | | | | Operating lease expense (1) | | $ | 88,251 | | $ | 60,637 | | $ | 176,316 | | $ | 123,819 | | Total Lease Cost | | $ | 88,251 | | $ | 60,637 | | $ | 176,316 | | $ | 123,819 | |
| (1) | Represents the Company’s operating lease expense related to its ROU assets for the three and six months ended June 30, 2025 and 2024. |
The Company’s weighted-average remaining lease term was 9 and 9.3 years as of June 30, 2025 and December 31, 2024, respectively. The Company’s weighted-average discount rate for operating leases was 8% and 8% as of June 30, 2025 and December 31, 2024, respectively. The following table is a summary of the Company’s maturities of operating lease liabilities for the remaining six months ended December 31, 2025 and for each of the next four years ending December 31 and thereafter: | | | | | | Operating Leases (1) | Remainder of 2025 | | $ | 167,523 | 2026 | | | 342,542 | 2027 | | | 350,067 | 2028 | | | 355,296 | 2029 | | | 348,908 | Thereafter | | | 2,134,718 | Total undiscounted lease payments | | | 3,699,054 | Less Imputed interest | | | (1,219,978) | Total lease liabilities - net | | $ | 2,479,076 |
| (1) | Excludes the Company’s variable lease payments for operating leases (such as payments based on revenues derived from the communications infrastructure located on the leased asset) as such arrangements are excluded from the Company’s operating lease liability. |
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