5. Leases

The Company leases its office facilities under noncancelable operating lease agreements. The Company has leases for office facilities in Woodbridge, New Jersey and Schaumburg, Illinois. The operating lease agreement for the Woodbridge, New Jersey location was renewed in April 2024 for a 60-month period ending in April 2029.

The Company’s operating lease liability balance was $1,133,371 as of December 31, 2025. During the three months ended March 31, 2026, the Company made payments of $84,751 against its operating lease liability, resulting in a lease liability of $1,048,620 as of March 31, 2026, of which the current portion of lease liability was $370,047, and a long-term lease liabilities balance of $678,573.

During the three months ended March 31, 2026 and 2025, lease costs totaled approximately $83,860 and $77,061, respectively.

As of March 31, 2026, the weighted average remaining lease terms for operating lease is 2.89 years, and the weighted average discount rate for operating lease is 8.00%.

Maturities of the Company’s operating lease liabilities are as follows as of March 31, 2026:

 Schedule of Maturities of Operating Lease Liabilities