Operating Leases

As a result of the acquisition of iDoc due to closing of the Business Combination on June 24, 2024 (see Note 4 Business Combination), the Company assumed the following operating leases under iDoc. iDoc leased office space in Boston, Massachusetts (“Massachusetts Lease”), Houston, Texas (“Texas Lease”), and Houston, Texas (“New Houston Lease”). iDoc commenced a new Massachusetts lease on September 1, 2023, ending on August 31, 2028. The Texas Lease was renewed on February 1, 2022 and was terminated in July 2024, with an initial termination date of January 31, 2027. As a result of the termination, a related party right-of-use asset of $260,373 and related party lease liability of $265,059 were relieved. iDoc commenced a New Houston Lease on April 1, 2024 ending on March 31, 2027. The monthly lease payments for the Massachusetts Lease are $9,380 between September 1, 2023 and August 31, 2024, $9,630 between September 1, 2024 and August 31, 2025, $9,870 between September 1, 2025 and August 31, 2026, $10,120 between September 1, 2026 and August 31, 2027, and $10,360 between September 1, 2027 and August 31, 2028. The monthly lease payments for the Texas Lease are $10,000, and for the New Houston Lease are $1,000. The Company has no restrictive covenants related to the operating leases. The Company has no leases not yet commenced.

As a result of the acquisition, the operating lease right-of-use assets and liabilities were remeasured and recognized at the present value of future lease payments at the acquisition date. The interest rate used to determine the present value is the Company’s borrowing rate, which ranged from 17.9% to 18.5%, as the interest rate implicit in most of its leases is not readily determinable. Operating lease expense is recognized on a straight-line basis.

Operating lease right of use assets are summarized as follows:

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Operating lease liabilities are summarized as follows:

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As of December 31, 2024 and 2023, $96,589 and $0, respectively, of the Company’s operating lease liabilities are included in accounts payable and accrued liabilities on the consolidated balance sheets.

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Future minimum rent payments under the operating lease are as follows:

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Expenses incurred with respect to the Company’s operating leases during the years ended December 31, 2024 and 2023, which are included in general and administrative expenses on the consolidated statements of operations, are set forth below:

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The weighted average remaining lease term and the weighted average discount rate on the operating leases are set forth below.

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Finance Leases

As a result of the acquisition of iDoc on June 24, 2024 (see Note 4 Business Combination), the Company assumed the following finance leases under iDoc. Commencing during the year ended December 31, 2022, iDoc leased office equipment under three finance leases with combined monthly payments of $20,313. The leases mature between June 2026 and August 2026, respectively. On November 1, 2023, iDoc entered into a forbearance agreement with a maturity date of January 10, 2024 (see Note 11 Commitments, Contingencies, and Concentration Risk). On December 13, 2024, the Company revised the forbearance agreement. With a maturity date of June 16, 2025. Accordingly, the entirety of the finance lease has been reclassed to financing lease liabilities within current liabilities on the consolidated balance sheets as of December 31, 2024. Leased equipment and lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is the Company’s borrowing rate to fair value the finance leases, estimated to be 19.3%, as the interest rate implicit in most of its leases is not readily determinable.

Finance leased equipment is summarized below:

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Finance lease liabilities are summarized below:

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No financing lease cash payments were made during the years ended December 31, 2024, and 2023. As such, as of December 31, 2024 and 2023, $446,890 and $0, respectively, of the Company’s financing lease liabilities are included in accounts payable and accrued liabilities on the consolidated balance sheets.

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Expenses incurred with respect to the Company’s finance leases during the years ended December 31, 2024 and 2023, which are included in the consolidated statements of operations, are set forth below:

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Future minimum payments under the finance lease are as follows:

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The weighted average remaining lease term and the weighted average discount rate on the finance leases are set forth below.

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