Leases (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease Liabilities |
As
of March 31, 2026 and December 31, 2025, right-of-use asset and lease liabilities consisted of the following:
| | |
March
31,
2026 | | |
December 31,
2025 | |
| Operating
right-of-use assets | |
$ | 18,537,889 | | |
$ | 12,052,485 | |
| Finance
right-of-use assets | |
| 12,270,195 | | |
| 12,602,135 | |
| Total
right-of-use-assets | |
$ | 30,808,084 | | |
$ | 24,654,620 | |
| | |
| | | |
| | |
| Operating
lease liabilities | |
| 17,235,741 | | |
| 10,964,460 | |
| Finance
lease liabilities | |
| 12,447,671 | | |
| 12,911,192 | |
| Total
lease liabilities | |
$ | 29,683,412 | | |
$ | 23,875,652 | |
The
following table presents the components of the Company’s lease expense. GPU lease expenses and data center lease expenses related
to operational data centers are included in cost of revenue; data center lease expenses incurred during construction and office lease
expenses are included in general and administrative expenses:
| | |
For
the Three Months Ended
March 31, | |
| | |
2026 | | |
2025 | |
| Operating
lease costs | |
$ | 5,493,235 | | |
$ | 5,088,186 | |
| Finance
lease costs | |
| 307,791 | | |
| - | |
| Short-term
lease costs | |
| 74,642 | | |
| 69,048 | |
| Sublease
income | |
| (6,560 | ) | |
| (6,254 | ) |
| Total
lease costs | |
$ | 5,869,108 | | |
$ | 5,150,980 | |
Additional
information regarding the Company’s leasing activities as a lessee is as follows:
| | | For the Three Months Ended
March 31, | | | | | 2026 | | | 2025 | | | Operating cash outflows from operating leases | | $ | (2,115,674 | ) | | $ | (1,371,364 | ) | | Operating cash outflows from finance lease | | | (155,509 | ) | | | - | | | Financing cash outflows from finance lease | | | (279,135 | ) | | | - | | | Weighted average remaining lease term – operating leases | | | 8.6 | | | | 9.3 | | | Weighted average remaining lease term – finance lease | | | 0.2 | | | | - | | | Weighted average discount rate – operating leases | | | 8.5 | % | | | 9.2 | % | | Weighted average discount rate – finance leases | | | 5.0 | % | | | - | |
|
| Schedule of Operating Lease Payments |
The
following table represents our future minimum operating lease payments as of March 31, 2026:
| Year | |
Amount | |
| 2026 | |
$ | 5,433,868 | |
| 2027 | |
| 4,378,121 | |
| 2028 | |
| 2,423,979 | |
| 2029 | |
| 2,273,511 | |
| 2030 | |
| 2,328,577 | |
| Thereafter | |
| 5,857,988 | |
| Total
undiscounted lease payments | |
| 22,696,044 | |
| Less:
present value discount | |
| (5,460,303 | ) |
| Present
value of operating lease liabilities | |
$ | 17,235,741 | |
|
| Schedule of Finance Lease Payments |
The
following table represents our future minimum finance lease payments as of March 31, 2026:
| Year | |
Amount | |
| 2026 | |
$ | 12,511,937 | |
| Total
undiscounted lease payments | |
| 12,511,937 | |
| Less:
present value discount | |
| (64,266 | ) |
| Present
value of finance lease liability | |
$ | 12,447,671 | |
|
| Schedule of Lease Income for Sales Type Lease |
The
components of lease income for the sales-type lease were as follows:
| | |
For
the Three Months Ended
March 31, | |
| | |
2026 | | |
2025 | |
| Interest
income related to net investment in lease | |
$ | 383,358 | | |
$ | 280,567 | |
The
components of net investment in sales-type leases were as follows:
| | |
March
31,
2026 | | |
December 31,
2025 | |
| Net
investment in lease - lease payment receivable | |
$ | 12,941,152 | | |
$ | 13,947,826 | |
|
| Schedule of Future Minimum Receipts for Sales Type Lease |
The
following table illustrates the Company’s future minimum receipts for sales-type lease as of March 31, 2026:
| Year | |
Sales-Type
Lease | |
| 2026 | |
$ | 4,213,772 | |
| 2027 | |
| 3,636,831 | |
| 2028 | |
| 3,636,831 | |
| 2029 | |
| 3,428,121 | |
| 2030 | |
| 848,915 | |
| Total
future minimum receipts | |
| 15,764,470 | |
| Unearned
interest income | |
| (2,789,610 | ) |
| Less:
Current expected credit losses | |
| (33,708 | ) |
| Net
investment in lease, net | |
$ | 12,941,152 | |
|
| Schedule of Future Lease Payments to be Received from the Company’s Sublease Tenant |
The
following table illustrates the future lease payments to be received from the Company’s sublease tenant as of March 31, 2026 were
as follows:
| Year | |
Operating
Lease | |
| 2026 | |
$ | 19,403 | |
| 2027 | |
| 25,871 | |
| 2028 | |
| 25,871 | |
| 2029 | |
| 25,871 | |
| 2030 | |
| 25,871 | |
| Thereafter | |
| 47,096 | |
| Total
future receipts | |
$ | 169,983 | |
|