v3.26.1
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
13.Leases

 

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  December 31,
2025
        
Operating Leases        
Right-of-use assets     $290,092 
         
Current liabilities  Lease liability, current maturities   60,446 
Non-current liabilities  Lease liability, net of current maturities   250,119 
Total operating lease liabilities     $310,565 
         
Weighted Average Remaining Lease Term        
Operating leases      5.13 
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  December 31,
2025
       
Finance Leases        
Right-of-use assets (included in property and equipment)     $2,110,471 
         
Current liabilities  Lease liability, current maturities   183,359 
Non-current liabilities  Lease liability, net of current maturities   982,887 
Total finance lease liabilities     $1,166,246 
         
Weighted Average Remaining Lease Term        
Finance leases      3.17 
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 
2026  $288,189 
2027   288,189 
2028   288,189 
2029   288,189 
2030   277,236 
Thereafter   65,155 
Total lease payments   1,495,147 
Less: Imputed interest   (328,901)
Present value of lease liabilities  $1,166,246