LEASES

3 Months Ended

Mar. 31, 2026

13. LEASES

The Company has operating leases for office space and equipment. Lease terms generally range from 3 to 5 years, and certain leases include options to extend or terminate which are considered in determining the lease term when reasonably certain to be exercised.

The components of lease expense were as follows for the three months ended March 31, 2026 and 2025:


		Three Months Ended March 31,
		2026			2025
Operating lease costs		$	40,561		$	40,561
Total lease cost		$	40,561			40,561

The Company does not have any finance leases, short-term leases, or variable lease payment arrangements.

The components of operating lease assets and liabilities as of March 31, 2026 and December 31, 2025 were as follows:


		March 31, 2026			December 31, 2025
Operating lease right of use assets		$	274,410		$	312,041

Current portion of operating lease liability			159,382			156,797
Operating lease liability, net of current portion			126,082			167,290
Total operating lease liabilities		$	285,464		$	324,087

The weighted-average remaining lease term is 1.75 years and the weighted-average discount rate: 3.94%.

Future minimum lease payments under non-cancelable operating leases as of March 31, 2026 are as follows:


		Operating Leases
2026		$	124,658
2027			170,322
Total lease payments			294,980
Less: imputed interest			(9,516)
Total present value of lease liabilities		$	285,464