| Schedule of Lease Expense and Operating Lease Asset and Liabilities |
The
components of lease expense were 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 | |
| Operating lease cost | |
$ | 31,468 | | |
$ | - | | |
$ | 53,021 | | |
$ | - | |
| Other short-term lease
cost | |
| 30,667 | | |
| 8,851 | | |
| 63,668 | | |
| 10,651 | |
| Total lease cost | |
$ | 62,135 | | |
$ | 8,851 | | |
$ | 116,689 | | |
$ | 10,651 | |
The
following table summarizes the operating lease asset and liabilities recorded as of June 30, 2025 and December 31, 2024:
| | | June 30,
2025 | | | December 31,
2024 | | | Operating lease right-of-use asset, gross | | $ | 824,314 | | | $ | 331,478 | | | Accumulated amortization | | | (55,227 | ) | | | (23,586 | ) | | Operating lease right-of-use asset, net | | | 769,087 | | | | 307,892 | | | | | | | | | | | | | Short-term operating lease liabilities | | | 132,091 | | | | 36,225 | | | Long-term operating lease liabilities | | | 649,718 | | | | 265,413 | | | Total operating lease liabilities | | $ | 781,809 | | | $ | 301,638 | | | | | | | | | | | | | Weighted average operating lease term | | | 4.66 years | | | | 4.75 years | | | Weighted average operating lease discount rate | | | 9.55 | % | | | 11.83 | % |
|
The components of lease expense were as follows
for the year ended December 31, 2024:
| Operating lease cost (cost resulting from lease payments) | |
$ | 43,106 | |
| Short-term lease cost | |
| 31,470 | |
| Variable lease cost (cost excluded from lease payments) | |
| 3,536 | |
| Total lease cost | |
$ | 78,112 | |
Supplemental cash flow information related to
leases is as follows for the year ended December 31, 2024:
| Operating lease - Operating cash flows (fixed payments) | |
$ | 14,103 | |
| Operating lease - Operating cash flows (liability reduction) | |
$ | (5,417 | ) |
| Operating lease - Change in ROU asset | |
$ | 23,586 | |
| New lease liabilities - Operating lease | |
$ | 324,426 | |
| New ROU asset - Operating lease | |
$ | 331,478 | |
The following table summarizes the operating lease
asset and liabilities recorded at December 31, 2024:
| Operating lease right-of-use asset | | $ | 307,892 | | | Operating lease liability, current portion | | $ | 36,225 | | | Operating lease liability, less current portion | | | 265,413 | | | Total operating lease liabilities | | $ | 301,638 | | | Weighted-average remaining operating lease term | | | 4.75 years | | | Weighted-average operating lease discount rate | | | 11.83 | % |
|
| Schedule of Future Minimum Lease Commitments |
The
following table summarizes future minimum lease commitments as of June 30, 2025:
| Year
ending December 31, | |
Operating
Leases | |
| 2025 (remaining 6 months) | |
$ | 99,577 | |
| 2026 | |
| 200,462 | |
| 2027 | |
| 207,783 | |
| 2028 | |
| 215,950 | |
| 2029 | |
| 197,905 | |
| Thereafter | |
| 42,436 | |
| Total lease payments | |
| 964,113 | |
| Less: imputed interest | |
| (182,304 | ) |
| Present value of lease
liabilities | |
$ | 781,809 | |
|
The following table summarizes future minimum
lease commitments at December 31, 2024:
| Year ending December 31, | |
| |
| 2025 | |
$ | 57,680 | |
| 2026 | |
| 88,462 | |
| 2027 | |
| 91,116 | |
| 2028 | |
| 93,850 | |
| 2029 | |
| 72,142 | |
| Total lease payments | |
| 403,250 | |
| Less: imputed interest | |
| 101,612 | |
| Total lease liabilities | |
$ | 301,638 | |
|