11. Leases

The Company leases office space at 30 Jericho Executive Plaza in Jericho, New York from Jericho Executive Center LLC (“JEC”) under a lease that, as extended, expires on November 30, 2026. The Company’s monthly office rent payments under the lease are currently approximately $7,055 per month. As of June 30, 2026, the Company had no long-term leases that were classified as financing leases and did not have additional operating or financing leases that had not yet commenced.

In connection with the Acquisition, the Company assumed an operating lease with IO New Jersey One, LLC (“Iron Mountain”) for a data center that includes office space and equipment located in Edison, New Jersey. The lease with Iron Mountain automatically renewed on April 30, 2026 for a one-year term, and will automatically renew thereafter for additional terms of one year, unless either party provides the other party with written notice that it will not renew the lease within 90 days of the then-current term. The renewal options have not been included in the Company’s operating lease right-of-use asset and liability, as the Company is not reasonably certain to exercise such options as of June 30, 2026. The Company’s monthly rent payments under the lease are currently $12,391 per month.

In connection with the Acquisition, the Company also assumed an operating lease with Aligned Data Centers (Phoenix) PropCo, LLC (“ADC”) for a data center that includes office and storage space located in Phoenix, Arizona. During the first quarter of 2026, we amended our agreement with ADC to extend the lease through August 31, 2032. Since the lease extension agreement resulted in a lease term greater than twelve months, the Company recorded an operating lease right-of-use asset and liability on February 2, 2026 of $3,221,523, reflecting the extended term. The lease extension agreement modified the automatic renewal term from one year to two years, which has not been included in the Company’s operating lease right-of-use asset and liability, as the Company was not reasonably certain to exercise such options as of June 30, 2026. The Company’s monthly rent payments under the lease are currently $54,951 per month.

As of June 30, 2026, the Company had no long-term leases that were classified as financing leases and did not have additional operating or financing leases that had not yet commenced.

As of June 30, 2026, the Company had operating lease liabilities of approximately $4,210,330 (of which $564,980 is classified as short-term liabilities and $3,645,350 is classified as long-term liabilities) and operating lease right-of-use assets of approximately $4,149,953 all of which are included in the accompanying condensed consolidated balance sheets.

Total rent expense for the three and six months ended June 30, 2026 was $260,658 and $511,904, respectively, of which $11,775 and $23,550 was sublease income. Total rent expense for the three and six months ended June 30, 2025 was $226,833 and $453,666, respectively, of which $8,350 and $9,850 was sublease income. Rent expense is recorded under “general and administrative expense and cost of revenue” in the condensed consolidated statements of operations.

The following table summarizes the Company’s operating leases for the periods presented:

As of June 30, 2026, future minimum payments under non-cancellable operating leases were as follows: