RIGHT OF USE ASSETS AND LEASE LIABILITIES – OPERATING LEASES |
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| RIGHT OF USE ASSETS AND LEASE LIABILITIES – OPERATING LEASES | 7. RIGHT OF USE ASSETS AND LEASE LIABILITIES – OPERATING LEASES
The Company has operating leases for offices, warehouses, vehicles, and office equipment. The Company’s leases have remaining lease terms of 1 year to 3 years, some of which include options to extend.
The Company’s lease expense for the three months ended June 30, 2026 and 2025 was entirely comprised of operating leases and amounted to $77,242 and $71,566, respectively. The Company’s lease expense for the six months ended June 30, 2026 and 2025 was entirely comprised of operating leases and amounted to $153,118 and $142,432, respectively.
The Company’s ROU asset amortization for the three months ended June 30, 2026 and 2025 was $70,078 and $61,469, respectively. The Company’s ROU asset amortization for the six months ended June 30, 2026 and 2025 was $138,973 and $123,972, respectively. The difference between the lease expense and the associated ROU asset amortization consists of interest.
The weighted-average discount rate for operating leases was 7.00% at June 30, 2026 and December 31, 2025. The weighted-average remaining lease term of operating leases was 1.43 and 2.16 years at June 30, 2026 and December 31, 2025, respectively.
Right of use assets – operating leases are summarized below:
Operating lease liabilities are summarized below:
Maturity analysis under these lease agreements are as follows for the year ending December 31:
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