The Company’s significant operating leases include the following at June 30, 2026:

The Company leases approximately 6,600 square feet of office space in Morgantown, West Virginia. The lease requires aggregate payments of $799,956 over the five-year lease term. The lease expires in November 2029, subject to extension.

The Company leases approximately 5,892 square feet of office space in Denver, Colorado. The lease requires aggregate payments of $1,221,363 over the eight-year lease term. The lease expires in June 2029, subject to extension.

The Company leases approximately 1,546 square feet of office space in Grand Rapids, Michigan. The lease requires aggregate payments of $98,558 over the three-year lease term. The lease expires in February 2027, subject to extension.

The Company’s lease agreements do not contain material variable lease payments, residual value guarantees, or restrictive covenants. Renewal and termination options are not included in the lease term unless the Company is reasonably certain to exercise such options. As of June 30, 2026, the Company had no renewal or termination options that were reasonably certain to be exercised, and therefore none are reflected in the lease term or related lease liabilities.

Operating lease expense, including short term leases, is recognized within cost of sales, selling, general and administrative expense, and research and development expense in the consolidated statements of operations, based on the nature of the activities supported by the leased space. The components of operating lease expense for the three and six months ended June 30, 2026 and 2025 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease:
Fixed lease cost	$	87,713	$	87,751	$	175,424	$	175,502
Short-term lease cost		16,153		13,725		34,580		23,077
Total operating lease cost	$	103,866	$	101,476	$	210,004	$	198,579

Supplemental balance sheet information related to operating leases was as follows:


	June 30, 2026		December 31, 2025
Operating Leases:
Operating lease right-of-use asset	$	945,954	$	1,088,181
Current operating lease liabilities	$	312,328	$	306,113
Noncurrent operating lease liabilities		755,967		912,229
Total operating lease liabilities	$	1,068,295	$	1,218,342

Weighted average remaining lease terms and discount rates to operating leases were as follows:


	June 30, 2026			December 31, 2025
Operating Leases:
Weighted average remaining lease term (in years):	3.16			3.63
Weighted average discount rate:		5.91	%		5.94	%

At June 30, 2026, the future minimum lease payments under these operating leases are as follows:


Fiscal Years Ending	Operating Leases
December 31, 2026(1)	$	184,604
December 31, 2027		354,991
December 31, 2028		363,640
December 31, 2029		267,346
Total lease payments		1,170,581
Less: Amounts representing interest		(102,286	)
Total lease obligations	$	1,068,295

(1)

Represents scheduled payments for the remaining six-month period ending December 31, 2026.

As of June 30, 2026, the Company had no additional significant operating or finance leases that had not yet commenced.