v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
11. Leases

 

The Company leases office space non-cancellable operating lease agreements. The leases have remaining lease terms ranging from approximately five year to six years. Such leases have been recognized as operating leases.

 

Supplemental balance sheet information related to leases is as follows:  

 

Balance Sheet Location   June 30,
2025		  
           
Operating Leases            
Right-of-use assets       $ 317,780  
             
Current liabilities   Lease liability, current maturities     57,088  
Non-current liabilities   Lease liability, net of current maturities     280,992  
Total operating lease liabilities       $ 338,080  
             
Weighted Average Remaining Lease Term            
Operating leases         5.38 years  
Weighted Average Discount Rate            
Operating leases         8 %

The Company leases various equipment under non-cancellable operating lease agreements. The leases have remaining lease terms ranging from approximately one year to six years. Such leases have been recognized as operating leases.

 

Supplemental balance sheet information related to leases is as follows:  

 

Balance Sheet Location   June 30,
2025		  
           
Finance Leases          
Right-of-use assets (included in property and equipment)       $ 2,110,471  
             
Current liabilities   Lease liability, current maturities     188,581  
Non-current liabilities   Lease liability, net of current maturities     1,075,605  
Total finance lease liabilities       $ 1,264,186  
             
Weighted Average Remaining Lease Term            
Finance leases         3.42 years  
Weighted Average Discount Rate            
Finance leases         8 %

 

As the leases do not provide an implicit rate, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments, which is reflective of the specific term of the leases and economic environment of each geographic region. 

 

Anticipated future lease costs, which are based in part on certain assumptions to approximate minimum annual rental commitments under non-cancellable leases, are as follows: 

 

Year Ending December 31:  Operating 
2025 (remaining)  $410,539 
2026   374,871 
2027   374,240 
2028   376,015 
2029   372,469 
Thereafter   361,188 
Total lease payments   2,269,322 
Less: Imputed interest   (544,150)
Present value of lease liabilities  $1,725,172