| LEASES |
NOTE 5 — LEASES
We have finance and operating leases for our corporate
office, vehicles, and certain office and computer equipment.
The components of lease expense were as follows:
Schedule of Lease Expense Components Table
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|
Three Months Ended |
|
Six Months Ended |
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| |
|
June 30, |
|
June 30, |
|
| |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
133,495 |
|
$ |
132,502 |
|
$ |
266,990 |
|
$ |
257,587 |
|
| Short-term lease cost |
|
|
— |
|
|
2,700 |
|
|
— |
|
|
6,086 |
|
| Total lease cost |
|
$ |
133,495 |
|
$ |
135,202 |
|
$ |
266,990 |
|
$ |
263,673 |
|
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| Finance lease cost: |
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|
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|
|
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|
|
|
|
|
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| Amortization of right-of-use assets |
|
$ |
36,547 |
|
$ |
28,896 |
|
$ |
66,022 |
|
$ |
57,793 |
|
| Interest on lease liabilities |
|
|
2,578 |
|
|
4,085 |
|
|
4,713 |
|
|
8,575 |
|
| Total finance lease cost |
|
$ |
39,125 |
|
$ |
32,981 |
|
$ |
70,735 |
|
$ |
66,368 |
|
Supplemental cash flow information related to leases
was as follows:
Schedule of Supplemental Cash Flow Information Related to Leases Table
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|
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|
Six Months Ended |
|
| |
|
June 30, |
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| |
|
2026 |
|
2025 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
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|
|
|
|
|
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| Operating cash flows from operating leases |
|
$ |
268,433 |
|
$ |
261,117 |
|
| Financing cash flows from finance leases |
|
|
70,702 |
|
|
65,718 |
|
| ROU assets obtained in exchange for new finance lease liabilities |
|
|
82,383 |
|
|
— |
|
| |
|
June 30,
2026 |
|
December 31,
2025 |
|
| Weighted Average Remaining Lease Term |
|
|
|
|
|
| Operating leases |
|
6.08 Years |
|
6.57 Years |
|
| Finance leases |
|
1.75 Years |
|
1.67 Years |
|
| |
|
|
|
|
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| Weighted Average Discount Rate |
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|
|
|
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| Operating leases |
|
4.11% |
|
4.13% |
|
| Finance leases |
|
4.47% |
|
4.74% |
|
Maturities of lease liabilities are as follows:
Schedule of Maturities of Lease Liabilities Table
| Year Ended December 31, |
|
Operating Leases |
|
Finance Leases |
|
| Remainder of 2026 |
|
$ |
270,896 |
|
$ |
80,669 |
|
| 2027 |
|
|
554,475 |
|
|
104,096 |
|
| 2028 |
|
|
557,286 |
|
|
36,079 |
|
| 2029 |
|
|
553,759 |
|
|
7,475 |
|
| 2030 |
|
|
568,217 |
|
|
— |
|
| Thereafter |
|
|
986,164 |
|
|
— |
|
| Total undiscounted lease payments |
|
|
3,490,797 |
|
|
228,319 |
|
| Less: imputed interest |
|
|
(401,359 |
) |
|
(8,318 |
) |
| Total lease liabilities |
|
$ |
3,089,438 |
|
$ |
220,001 |
|
|