| Operating and Finance Leases |
NOTE 13 - Operating and Finance Leases
As of March 31, 2026 and December 31, 2025, the Company had four operating
leases for office usage remaining.
Lease term and discount rate:
The weighted-average remaining lease term and discount rate related
to the leases were as follows:
| | | March 31,
2026 | | | December 31,
2025 | | | | | (Unaudited) | | | | | | Weighted-average remaining lease term | | | | | | | | Operating lease | | | 2.34 Years | | | | 2.44 Years | | | Finance lease | | | - Years | | | | - Years | | | Weighted-average discount rate | | | | | | | | | | Operating lease | | | 6.00 | % | | | 6.00 | % | | Finance lease | | | - | % | | | - | % | The supplemental balance sheet information related
to leases for the period is as follows:
| | |
March 31,
2026 | | |
December 31,
2025 | |
| | |
(Unaudited) | | |
| |
| Operating leases | |
| | |
| |
| Right of use assets | |
| 339,250 | | |
| 404,637 | |
| | |
| | | |
| | |
| Lease Liability – current portion | |
| 145,540 | | |
| 176,873 | |
| Lease Liability – net of current portion | |
| 193,710 | | |
| 227,765 | |
| Total operating lease liabilities | |
$ | 339,250 | | |
$ | 404,638 | |
The components of lease expense are as follows within the unaudited
condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025:
Operating Leases
| | |
For the Three Months Ended | |
| | |
March 31, | |
| | |
2026 | | |
2025 | |
| | |
(Unaudited) | | |
(Unaudited) | |
| Lease expense | |
| 66,274 | | |
| 32,167 | |
| Sublease rental income | |
| (1,912 | ) | |
| (1,969 | ) |
| Net lease expense | |
$ | 64,362 | | |
$ | 30,198 | |
The following table sets forth the Company’s minimum lease payments
in future periods:
| | |
Operating
lease
payments | |
| | |
| |
| Twelve months ending March 31, 2027 | |
$ | 160,924 | |
| Twelve months ending March 31, 2028 | |
| 135,676 | |
| Twelve months ending March 31, 2029 | |
| 67,084 | |
| Total lease payments | |
$ | 363,684 | |
| Less: Imputed interest | |
| 24,434 | |
| Present value of lease liabilities | |
$ | 339,250 | |
| Current portion | |
| (145,540 | ) |
| Non-current portion | |
$ | 193,710 | |
|