Leases

3 Months Ended

Mar. 31, 2026

11. Leases

Under ASC 842, Leases, the Company recognized an operating lease related to its corporate office as of March 31, 2026 and December 31, 2025 as summarized in the following table:


		March 31,			December 31,
		2026			2025
Asset
Operating lease right-of-use assets, long term		$	429,923		$	488,949
Total operating lease right-of-use assets		$	429,923		$	488,949

Liabilities
Operating lease liabilities		$	271,790		$	271,494
Operating lease liabilities, long term			271,046			340,052
Total operating lease liabilities		$	542,836		$	611,546

Operating lease costs		$	84,813		$	269,910

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	92,906		$	316,435
Weighted average remaining lease term (years) - operating lease			1.78			1.86
Weighted average discount rate (annualized) - operating lease			8.25%			8.25%

On March 1, 2023, the Company commenced a new office lease with a 70 month lease term and future lease payments estimated to be approximately $0.85 million. Through its subsidiaries, the Company also leases office space in both Englewood, CO and Wright, WY. Lease expense for operating leases was $0.27 million and $0.24 for the years ended December 31, 2025 and 2024, respectively. This lease expense is presented in other general and administrative expenses in the consolidated statements of operations and comprehensive income.

Lease expense for operating leases was $0.08 million and $0.27 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively. This lease expense is presented in other general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income.

Future minimum lease payments as of March 31, 2026 are as follows:


	Operating Leases
2026	$	250,919
2027		282,059
2028		183,963
Total minimum lease payments		716,941
Less: imputed interest		(174,105)
Present value of future minimum lease payments		542,836
Less: current obligations under leases		(271,790)
Long-term lease obligations	$	271,046