| OPERATING LEASES |
NOTE
6—OPERATING LEASES
The following was included in the condensed balance
sheets at March 31, 2026 and December 31, 2025:
| | | March 31,
2026 | | | December 31,
2025 | | | Operating lease right-of-use lease asset | | $ | 1,242,936 | | | $ | 1,242,936 | | | Accumulated amortization | | | (680,429 | ) | | | (637,647 | ) | | Net balance | | $ | 562,507 | | | $ | 605,289 | | | | | | | | | | | | | Operating lease liability, current | | | 189,649 | | | | 175,948 | | | Operating lease liability, long-term | | | 429,122 | | | | 488,725 | | | Total operating lease liabilities | | $ | 618,771 | | | $ | 664,673 | | | | | | | | | | | | | Weighted Average Remaining Lease Term – operating leases | | | 37 months | | | | 40 months | | | | | | | | | | | | | Weighted Average Discount Rate – operating leases | | | 4.2 | % | | | 4.2 | % |
Future minimum lease payments under operating
leases as of March 31, 2026 were as follows:
| 2026 (remaining) | |
$ | 157,435 | |
| 2027 | |
| 215,036 | |
| 2028 | |
| 220,460 | |
| 2029 | |
| 68,293 | |
| Total lease payments | |
| 661,224 | |
| Less imputed interest | |
| (42,453 | ) |
| Maturities of lease liabilities | |
$ | 618,771 | |
Lease expense for the three months ended March
31, 2026 and 2025 was comprised of the following:
| | |
Three Months Ended March 31, | |
| | |
2026 | | |
2025 | |
| Operating lease expense | |
$ | 49,213 | | |
$ | 49,213 | |
|