| Right-of-Use Asset and Lease Liabilities |
| 8. | Right-of-Use Asset and Lease Liabilities |
As of March 31, 2026, the Company had leased properties in the U.S. and internationally, with remaining lease terms of 1.3 to 3.9 years, some of which include options to extend the leases for up to 5 years. None of the options to extend the leases are recognized in operating lease ROU assets or lease liabilities. None of the leases include options to terminate the lease. The components of lease expense recorded in the consolidated statements of operations and comprehensive loss were as follows for the three months ended March 31: | | | | | | | | | | | | | | | | 2026 | | 2025 | Operating lease cost | | $ | 228,983 | | $ | 270,541 | Finance lease cost: | | | | | | | Amortization of assets | | | 13,453 | | | 13,453 | Interest on lease liabilities | | | 3,138 | | | 4,204 | Total lease cost | | $ | 245,574 | | $ | 288,198 |
Supplemental balance sheet information related to leases was as follows: | | | | | | | | | | | | | | | | | | | | | | As of | | As of | | | | | March 31, | | December 31, | Leases | | Classification | | 2026 | | 2025 | Assets: | | | | | | | | | Operating lease assets | | Operating ROU asset, net | | $ | 2,506,855 | | $ | 2,675,083 | Finance lease assets | | Property and equipment, net | | | 122,507 | | | 135,959 | Total leased assets | | | | $ | 2,629,362 | | $ | 2,811,042 | Liabilities: | | | | | | | | | Current | | | | | | | | | Operating | | Operating lease liabilities, current | | $ | 992,031 | | $ | 982,996 | Finance | | Accrued expenses and other current liabilities | | | 50,251 | | | 51,401 | Non-current | | | | | | | | | Operating | | Operating lease liabilities, non-current | | | 1,739,595 | | | 1,931,610 | Finance | | Other liabilities | | | 83,204 | | | 94,855 | Total lease liabilities | | | | $ | 2,865,081 | | $ | 3,060,862 |
Supplemental cash flow and other information related to leases were as follows for the three months ended March 31: | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | Operating cash flows from operating leases | | $ | 182,980 | | $ | 200,215 | | Financing cash flows from finance leases | | | 12,801 | | | 11,735 | | | | $ | 195,781 | | $ | 211,950 | | Weighted average remaining operating lease term (in years): | | | | | | | | Operating leases | | | 3.4 | | | 4.0 | | Finance leases | | | 2.5 | | | 3.4 | | Weighted average operating lease discount rate: | | | | | | | | Operating leases | | | 8.3 | % | | 8.1 | % | Finance leases | | | 9.0 | % | | 8.9 | % |
Maturities of operating lease liabilities were as follows as of March 31, 2026: | | | | | | | | | | Amount | 2026 (remaining) | | $ | 1,011,364 | 2027 | | | 1,121,602 | 2028 | | | 759,026 | 2029 | | | 649,382 | 2030 | | | 50,673 | Thereafter | | | — | Total lease payments | | $ | 3,592,047 | Less: imputed interest | | | (860,421) | Total lease obligations | | | 2,731,626 | Less: current obligations | | | (992,031) | Long-term lease obligations | | $ | 1,739,595 |
Maturities of finance lease liabilities were as follows as of March 31, 2026: | | | | | | | | | | Amount | 2026 (remaining) | | $ | 46,305 | 2027 | | | 53,656 | 2028 | | | 48,257 | 2029 | | | — | Total lease payments | | $ | 148,218 | Less: imputed interest | | | (14,763) | Total lease obligations | | | 133,455 | Less: current obligations | | | (50,251) | Long-term obligations | | $ | 83,204 |
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8. | Right-of-Use Asset and Lease Liabilities |
As of December 31, 2025, the Company had leased properties in the U.S. and internationally, with remaining lease terms of 1.3 to 4.2 years, some of which include options to extend the leases for up to 5 years. None of the options to extend the leases are recognized in operating lease ROU assets or lease liabilities. None of the leases include options to terminate the lease. The components of lease expense recorded in the consolidated statements of operations and comprehensive loss were as follows for the year ended December 31: | | | | | | | | | | | | | | | | 2025 | | 2024 | Operating lease cost | | $ | 1,026,354 | | $ | 1,118,058 | Finance lease cost: | | | | | | | Amortization of assets | | | 53,811 | | | 42,143 | Interest on lease liabilities | | | 15,247 | | | 14,387 | Total lease cost | | $ | 1,095,412 | | $ | 1,174,588 |
Supplemental balance sheet information related to leases was as follows as of December 31: | | | | | | | | | | | | | | | | | | Leases | | Classification | | 2025 | | 2024 | Assets: | | | | | | | | | Operating lease assets | | Operating ROU asset, net | | $ | 2,675,083 | | $ | 3,390,744 | Finance lease assets | | Property and equipment, net | | | 135,959 | | | 189,770 | Total leased assets | | | | $ | 2,811,042 | | $ | 3,580,514 | | | | | | | | | | Liabilities: | | | | | | | | | Current | | | | | | | | | Operating | | Operating lease liabilities, current | | $ | 982,996 | | $ | 1,015,052 | Finance | | Accrued expenses and other current liabilities | | | 51,401 | | | 63,759 | Non-current | | | | | | | | | Operating | | Operating lease liabilities, non-current | | | 1,931,610 | | | 2,635,658 | Finance | | Other liabilities | | | 94,855 | | | 131,009 | Total lease liabilities | | | | $ | 3,060,862 | | $ | 3,845,478 |
Supplemental cash flow and other information related to leases was as follows for the year ended December 31: | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | Operating cash flows from operating leases | | $ | 757,759 | | $ | 872,460 | | Financing cash flows from finance leases | | $ | 48,511 | | $ | 35,199 | | | | $ | 806,270 | | $ | 907,659 | | | | | | | | | | Weighted average remaining operating lease term (in years): | | | | | | | | Operating leases | | | 3.6 | | | 4.4 | | Finance leases | | | 2.7 | | | 3.6 | | Weighted average operating lease discount rate: | | | | | | | | Operating leases | | | 8.3 | % | | 8.0 | % | Finance leases | | | 8.9 | % | | 8.9 | % |
Maturities of operating lease liabilities were as follows as of December 31, 2025: | | | | | | | | | | Amount | 2026 | | $ | 1,323,468 | 2027 | | | 1,101,590 | 2028 | | | 753,945 | 2029 | | | 649,382 | 2030 | | | 50,673 | Thereafter | | | — | | | | | Total lease payments | | $ | 3,879,058 | Less: imputed interest | | | (964,452) | Total lease obligations | | | 2,914,606 | Less: current obligations | | | (982,996) | Long-term lease obligations | | $ | 1,931,610 |
Maturities of finance lease liabilities were as follows as of December 31, 2025: | | | | | | | | | | Amount | 2026 | | $ | 63,760 | 2027 | | | 53,656 | 2028 | | | 48,257 | 2029 | | | — | | | | | Total lease payments | | $ | 165,673 | Less: imputed interest | | | (19,417) | Total lease obligations | | | 146,256 | Less: current obligations | | | (51,401) | Long-term obligations | | $ | 94,855 |
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