Commitments and Contingencies |
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| Commitments and Contingencies | NOTE 8 – Commitments and Contingencies
Office Lease
On December 9, 2024, the Company and the landlord entered into a lease agreement (the “December 2024 Lease”). Pursuant to the December 2024 Lease, effective December 20, 2024, the Company leased office space for a term of 14 months, expiring on February 28, 2026. Pursuant to the December 2024 Lease, the Company paid a monthly base rent of $2,732 from March 1, 2025 through December 31, 2025. Effective January 1, 2026, the Company entered into an amendment to the December 2024 Lease. Pursuant to the amendment to the December 2024 Lease, the Company renewed its lease for a one-year term expiring on December 31, 2026. ROU assets and obligations for leases with an initial term of 12 months or less are considered short term and are (a) not recognized in the condensed consolidated balance sheets and (b) recognized as an expense on a straight-line basis over the lease term.
The table below presents certain information related to the Company’s lease costs, which are included in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss:
ROU asset for operating leases was recorded in the accompanying unaudited condensed consolidated balance sheets as follows:
Operating lease liability for operating leases was recorded in the accompanying unaudited condensed consolidated balance sheets as follows:
Supplemental cash flow information related to the Company’s leases for the six months ended June 30, 2026 was as follows:
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