v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases

Note 4 Leases

 

Operating Leases

 

The Company has operating lease for real estate. Operating lease right-of-use assets are summarized below.

 

   June 30,
2026		   December 31,
2025		 
Office lease  $133,112   $133,112 
Less: Accumulated amortization   (124,767)   (119,808)
Right-of-use assets, net  $8,345   $13,304 

 

Operating lease liabilities are summarized below:

 

   June 30,
2026		   December 31,
2025		 
Office lease  $8,345   $13,304 
Less: current portion   (8,345)   (10,394)
Long term portion  $-   $2,910 

Future minimum rent payments under the operating lease are as follows:

 

   Total 
Year ending December 31, 2026 (remaining 6 months)   6,000 
Year ending December 31, 2027   3,000 
Total future minimum lease payments   9,000 
Less: Imputed interest   (655)
Present value of payments  $8,345 

 

Expenses incurred with respect to the Company’s operating leases during the three and six months ended June 30, 2026, which are included in general and administrative expenses on the condensed consolidated statements of operations are set forth below.

 

   For the Three Months Ended 
   June 30,
2026		   June 30,
2025		 
Operating lease expense  $3,000   $39,946 
Total operating lease expense  $3,000   $39,946 

 

   For the Six Months Ended 
   June 30,
2026		   June 30,
2025		 
Operating lease expense  $6,000   $75,581 
Total operating lease expense  $6,000   $75,581 

 

The weighted average remaining lease term and the weighted average discount rate on the operating leases are set forth below.

 

   June 30,
2026		   December 31,
2025		 
Weighted average remaining lease term (years)   0.75    1.3 
Weighted average discount rate   18.50%   18.50%

 

Finance Leases

 

On November 1, 2023, iDoc entered into a forbearance agreement with a maturity date of January 10, 2024. On December 13, 2024, the Company revised the forbearance agreement with a maturity date of June 2025. On August 27, 2025, the Company revised the forbearance agreement and agreed to a payment on September 5, 2025, and a further payment on November 30, 2025.

 

Pursuant to a settlement agreement, the Company paid $1,197,891 to a bank on January 15, 2026, in exchange for the release of certain judgment liens. Of the total amount due on that date, $772,620 related to finance lease liabilities, which was settled through a cash payment of $591,118 and a gain on extinguishment amounting to $181,501, which was recorded within ‘Gain on extinguishment of financial liabilities’ in the condensed consolidated statements of operations.

 

Accordingly, the finance lease liabilities have been fully settled as of June 30, 2026.

 

   June 30,
2026		   December 31,
2025		 
Equipment lease  $736,624   $736,624 
Less: Accumulated amortization   (716,547)   (544,575)
Leased equipment, net  $20,077   $192,049 

Finance lease liabilities are summarized below:

 

   June 30,
2026		   December 31,
2025		 
Equipment lease  $     -   $131,062 
Less: current portion   -    (131,062)
Long-term portion  $-   $- 

 

Total finance lease cash payments made during the three and six months ended June 30, 2026, were $0 and $25,000 respectively. As such, as of June 30, 2026, and December 31, 2025, $0 and $641,558, respectively, of the Company’s financing lease liabilities are included in accounts payable and accrued liabilities on the condensed consolidated balance sheets.

 

Expenses incurred with respect to the Company’s finance leases during the three and six months ended June 30, 2026, which are included in the condensed consolidated statements of operations are set forth below.

 

   For the Three Months Ended 
   June 30,
2026		   June 30,
2025		 
Amortization expense  $85,985   $85,986 
Interest expense   -    12,734 
Total finance lease expense  $85,985   $98,720 

 

   For the Six Months Ended 
   June 30,
2026		   June 30,
2025		 
Amortization expense  $171,971   $171,971 
Interest expense   5,298    27,718 
Total finance lease expense  $177,269   $199,689 

 

The weighted average remaining lease term and the weighted average discount rate on the finance leases are set forth below.

 

   June 30,
2026		   December 31,
2025		 
Weighted average remaining lease term (years)*   
-
    0.6 
Weighted average discount rate*   -%   19.30%

 

*The finance leases obligations of the Company have been fully settled as of June 30, 2026.