| Leases |
The Company is obligated under operating leases only for building and office rentals. The leases require the Company to pay taxes, insurance, utilities, and maintenance costs. Total rent expense under these leases was $2,397 and $181 during the three months ended March 31, 2026 and 2025, respectively, and are included in cost of sales and general and administrative expenses within the Company’s unaudited condensed consolidated statements of operations. Future minimum annual commitments under these operating leases are as follows: | | | | | | | | | | Amount | Remainder of 2026 | | $ | 5,979 | 2027 | | | 8,153 | 2028 | | | 8,398 | 2029 | | | 8,305 | 2030 | | | 8,070 | Thereafter | | | 87,098 | Total | | | 126,003 | Less: amount representing interest | | | (61,822) | Present value of net minimum lease payments | | | 64,181 | Less: current obligations | | | (1,379) | Long-term obligations under leases | | $ | 62,802 |
Expenses recognized under these leases for the three months ended March 31, 2026 and 2025 consist of the following: | | | | | | | | | | | | | | | | | | March 31, | | | | 2026 | | 2025 | | Lease cost - Operating lease cost | | $ | 2,397 | | $ | 181 | | | | | | | | | | Other information: | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows from operating leases | | $ | 1,937 | | $ | 179 | | Right-of-use assets obtained in exchange for new operating lease liabilities | | | — | | | — | | Weighted-average remaining lease term (years) - Operating leases | | | 13.63 | | | 4.33 | | Weighted-average discount rate - Operating leases | | | 10.48 | % | | 10.00 | % |
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9.Leases The Company is obligated under operating leases only for building and office rentals. The leases require the Company to pay taxes, insurance, utilities, and maintenance costs. Total rent expense under these leases was $7,358 and $762 during the years ended December 31, 2025 and 2024, respectively, and are included in cost of sales and general and administrative expenses. Future minimum annual commitments under these operating leases as of December 31, 2025 are as follows: | | | | | | | | | | Amount | 2026 | | $ | 7,917 | 2027 | | | 8,153 | 2028 | | | 8,398 | 2029 | | | 8,305 | 2030 | | | 8,070 | Thereafter | | | 87,098 | Total | | | 127,941 | Less: amount representing interest | | | (63,491) | Present value of net minimum lease payments | | | 64,450 | Less: current obligations | | | (1,287) | Long-term obligations under leases | | $ | 63,163 |
Expenses recognized under these leases for the years ended December 31, 2025 and 2024 consist of the following: | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | Lease cost – Operating lease cost | | $ | 7,358 | | $ | 726 | | Other information: | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities – Operating cash flows from operating leases | | $ | 2,477 | | $ | 660 | | Right-of-use assets obtained in exchange for new operating lease liabilities | | | 64,766 | | | — | | Weighted-average remaining lease term (years) – Operating leases | | | 13.86 | | | 4.58 | | Weighted-average discount rate – Operating leases | | | 10.49 | % | | 10.00 | % |
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