Note 5 Leases

Operating Leases

As a result of the acquisition of iDoc due to closing of the Business Combination on June 24, 2024 (see Note 3 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”).

The New Houston Lease commenced on April 1, 2024, and ends on March 31, 2027. Monthly lease payments for the New Houston Lease are $1,000.

The Texas Lease was renewed on February 1, 2022, and was terminated in July 2024, prior to its initial contractual end 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. Monthly lease payments under the Texas Lease were $10,000.

The Massachusetts Lease commenced on September 1, 2023, and was originally scheduled to end on August 31, 2028. On September 30, 2025, the Company terminated the Massachusetts Lease. As a result of the termination, the Company derecognized a right-of-use asset of $300,061 and a related lease liability of $273,646. Further, on account of the termination, an early termination fee of $114,294 was payable to the lessor. Prior to termination, monthly lease payments were $9,380 between September 1, 2023, and August 31, 2024, $9,630 between September 1, 2024, and August 31, 2025, and $9,870 between September 1, 2025, and September 30, 2025.

The Company has no restrictive covenants related to its operating leases and no leases not yet commenced.

Operating lease expense is recognized on a straight-line basis.

Operating lease right-of-use assets are summarized below.

Operating lease liabilities are summarized below:

As of December 31, 2025, and 2024, $300,907 and $96,589, of the Company’s operating lease liabilities are included in accounts payable and accrued liabilities on the consolidated balance sheets, respectively. The balance as of December 31, 2025, also includes an early termination fee of $114,294 related to the termination of the Massachusetts Lease.

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

Expenses incurred with respect to the Company’s operating leases which are included in general and administrative expenses on the consolidated statements of operations are set forth below.

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

Finance Leases

On November 1, 2023, iDoc entered into a forbearance agreement with a maturity date of January 10, 2024. On December 13, 2024, the Company revised the forbearance agreement with a maturity date of June 2025. On August 27, 2025, the Company revised the forbearance agreement and agreed to a payment on September 5, 2025, and a further payment on November 30, 2025. The remaining balance on the forbearance agreement is due on December 10, 2025. Pursuant to a subsequent settlement agreement, the Company paid $1,197,891 to the Bank on January 15, 2026, in consideration of the release of certain judgment liens. Accordingly, the entirety of the finance lease has been reclassified to finance lease liabilities within current liabilities on the consolidated balance sheets as of December 31, 2025, and December 31, 2024.

Finance lease liabilities are summarized below:

Future minimum payments under the finance lease are as follows:

Total finance lease cash payments made during the years ended December 31, 2025, and 2024, were $25,000 and $0 respectively. As such, as of December 31, 2025, and 2024, $641,558 and $446,890, respectively, of the Company’s financing lease liabilities are included in accounts payable and accrued liabilities on the consolidated balance sheets.

Expenses incurred with respect to the Company’s finance leases which are included in the consolidated statements of operations are set forth below.

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