NOTE 13 — LEASE

The Company’s leasing activities primarily consist of operating leases for offices. The Company adopted ASC 842 effective January 1, 2018. ASC 842 requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet. The Company has applied practical expedient to not recognize short-term leases with lease terms of one year or less on the balance sheet.

As of December 31, 2025, and December 31, 2024, the Company recorded right-of-use assets of approximately $0.2 million and $0.5 million and lease liabilities of approximately $0.1 million and $0.4 million, respectively, for operating leases as a lessee. Supplemental cash flow information related to operating leases was as follows:

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Future lease payments under operating leases as of December 31, 2025 were as follows:

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The weighted-average remaining lease term was 1.67 years and 1.87 years as of December 31, 2025 and December 31, 2024, respectively.

The weighted-average discount rate used to determine the operating lease liability as of December 31, 2025 and December 31, 2024 was 6.00% and 5.78%, respectively.

A summary of lease cost recognized in the Company’s consolidated statements of operations and comprehensive income/(loss) is as follows:

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No lease contract was early terminated for the years ended December 31, 2025, 2024 and 2023.