| Leases |
Note 12 – Leases
The following table presents the Company’s ROU assets and lease liabilities as of December 31, 2025 and 2024:
| Schedule of ROU asset and liability classifications |
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| Lease Classification |
|
2025 |
|
|
2024 |
|
| ROU assets: |
|
|
|
|
|
|
| Operating |
|
$ |
786,135 |
|
|
$ |
825,665 |
|
| Total ROU assets |
|
$ |
786,135 |
|
|
$ |
825,665 |
|
| Liabilities |
|
|
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
| Operating |
|
$ |
202,490 |
|
|
$ |
173,726 |
|
| Noncurrent: |
|
|
|
|
|
|
|
|
| Operating |
|
|
1,645,399 |
|
|
|
1,847,889 |
|
| Total lease liabilities |
|
$ |
1,847,889 |
|
|
$ |
2,021,615 |
|
Maturities of lease liabilities for the Company’s lone operating lease as of December 31, 2025 by year are as follows:
| Schedule of maturities of lease liabilities |
|
|
|
|
| Maturity of Lease Liabilities |
|
Total |
|
| 2026 |
|
$ |
378,279 |
|
| 2027 |
|
|
388,682 |
|
| 2028 |
|
|
399,388 |
|
| 2029 |
|
|
410,397 |
|
| 2030 |
|
|
421,709 |
|
| Thereafter |
|
|
506,193 |
|
| Total lease payments |
|
|
2,504,648 |
|
| Less: interest |
|
|
(656,759 |
) |
| Present value of lease liabilities |
|
$ |
1,847,889 |
|
Consolidated statements of operations classification of lease costs as of the years ended December 31, 2025 and 2024 are as follows:
| Schedule of lease cost |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Years ended
December 31, |
|
| Lease Cost |
|
Classification |
|
|
2025 |
|
|
2024 |
|
| Operating |
|
Operating expenses |
|
|
$ |
233,984 |
|
|
$ |
233,984 |
|
| Finance: |
|
|
|
|
|
|
|
|
|
|
|
| Amortization |
|
Operating expenses |
|
|
|
- |
|
|
|
280 |
|
| Interest expense |
|
Other expenses |
|
|
|
- |
|
|
|
- |
|
| Total lease costs |
|
|
|
|
$ |
233,984 |
|
|
$ |
234,264 |
|
Other lease information as of December 31, 2025 is as follows:
| Schedule of other information |
|
|
|
|
| Other Information |
|
Total |
|
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
|
6.2 |
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
|
10.0 |
% |
Supplemental cash flow information as of the years ended December 31, 2025 and 2024 is as follows:
| Schedule of supplemental cash flow information |
|
|
|
|
|
|
|
|
| Supplemental Cash Flow Information |
|
2025 |
|
|
2024 |
|
| Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
|
| Cash used in operating activities: |
|
|
|
|
|
|
|
|
| Operating leases |
|
$ |
233,984 |
|
|
$ |
233,984 |
|
| Cash used in financing activities: |
|
|
|
|
|
|
|
|
| Finance leases |
|
$ |
- |
|
|
$ |
280 |
|
| ROU assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
| Operating leases |
|
$ |
- |
|
|
$ |
- |
|
|