RELATED PARTY TRANSACTIONS |
3 Months Ended |
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Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 14 – RELATED PARTY TRANSACTIONS
We have certain office space leases whereby the entity leasing the office space as the lessor is controlled or owned by Dr. Prabhu Rachakonda, the founder of SCN and an employee of the Company. The details of these leases are as follows:
Lease #1 – In November 2024, SCN entered into an amended office lease agreement for $22,186 per month with an annual 3% increase to the monthly rent effective each succeeding November. The remaining lease term is for approximately 8.6 years as of March 31, 2026. The Company paid approximately $77 thousand in fixed rent amounts for the three months ended March 31, 2026.
Lease #2 – In January 2024, SCN entered into an office lease agreement when the previous agreement expired. The monthly amount for the lease is $11,452 and has a remaining lease term of 2.7 years as of March 31, 2026. The Company paid approximately $34 thousand in fixed rent amounts for the three months ended March 31, 2026.
Lease #3 – As of December 31, 2025, the Company has an office lease with five years remaining on its lease term. The monthly lease amount is $12,320 and increases each April by 3% and has a remaining lease term of 4.7 years as of March 31, 2026. The Company paid approximately $41 thousand in fixed rent amounts for the three months ended March 31, 2026.
As of March 31, 2026, the unamortized balance of leasehold improvements related to these leases is approximately $563 thousand and the weighted average remaining useful life of the improvements is approximately 6.7 years.
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