LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Leases |
|
| SCHEDULE OF MATURITY OF LEASE LIABILITIES |
The
following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating
and finance leases as of June 30, 2026.
SCHEDULE OF MATURITY OF LEASE LIABILITIES
| Payments due by period | |
Operating Leases | | |
Finance Leases | |
| 2026 (remaining six months) | |
$ | 1,996,235 | | |
$ | 18,583 | |
| 2027 | |
| 3,341,806 | | |
| 37,165 | |
| 2028 | |
| 2,578,187 | | |
| 37,165 | |
| 2029 | |
| 1,956,813 | | |
| 37,165 | |
| 2030 | |
| 741,048 | | |
| 27,874 | |
| Thereafter | |
| 796,582 | | |
| - | |
| Total undiscounted lease payments | |
$ | 11,410,671 | | |
$ | 157,952 | |
| Less: Imputed interest | |
| (1,200,020 | ) | |
| (21,547 | ) |
| Present value of lease liabilities | |
$ | 10,210,651 | | |
$ | 136,405 | |
|
| SCHEDULE OF COMPANY’S OPERATING AND FINANCE LEASES |
The
following table summarizes the Company’s operating and finance leases:
SCHEDULE
OF COMPANY’S OPERATING AND FINANCE LEASES
| Balance Sheet Classification | |
June 30, 2026 | | |
December 31,
2025 | |
| Operating lease right-of-use assets | |
$ | 10,085,408 | | |
$ | 10,503,441 | |
| Finance lease right-of-use assets | |
| 132,958 | | |
| 148,600 | |
| Total right-of-use assets | |
$ | 10,218,366 | | |
$ | 10,652,041 | |
| | |
| | | |
| | |
| Operating lease liability, current | |
$ | 3,341,179 | | |
$ | 3,472,897 | |
| Finance lease liability, current | |
| 28,433 | | |
| 27,423 | |
| Operating lease liability, net of current | |
| 6,869,472 | | |
| 7,111,534 | |
| Finance lease liability, net of current | |
| 107,972 | | |
| 122,445 | |
| Total lease liabilities | |
$ | 10,347,056 | | |
$ | 10,734,299 | |
|
| SCHEDULE OF LEASE TERM |
The
following table provides a summary of other information related to the leases at June 30, 2026 and December 31, 2025:
SCHEDULE OF LEASE TERM
| Other Information | |
June
30, 2026 | | |
December
31, 2025 | |
| Weighted-average remaining lease term for operating leases | |
| 3.7 years | | |
| 4 years | |
| Weighted-average discount rate for operating leases | |
| 6.04 | % | |
| 5.30 | % |
| Weighted-average remaining lease term for finance leases | |
| 4.25 years | | |
| 5 years | |
| Weighted-average discount rate for finance leases | |
| 7.25 | % | |
| 7.25 | % |
|
| SCHEDULE OF COMPONENTS OF LEASE EXPENSE |
The
components of lease expenses for the three and six months ended June 30, 2026 and 2025 were as follows:
SCHEDULE OF COMPONENTS OF LEASE EXPENSE
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Operating lease cost | |
$ | 806,558 | | |
$ | 864,402 | | |
$ | 1,603,279 | | |
$ | 1,719,038 | |
| Variable lease cost | |
| 3,539 | | |
| 46,163 | | |
| 22,599 | | |
| 104,950 | |
| Short-term lease cost | |
| 161,642 | | |
| 63,758 | | |
| 321,730 | | |
| 126,736 | |
| Finance lease cost | |
| 7,821 | | |
| - | | |
| 15,642 | | |
| - | |
| Total lease expense | |
$ | 979,560 | | |
$ | 974,323 | | |
$ | 1,963,250 | | |
$ | 1,950,724 | |
| Sublease income | |
| (6,295 | ) | |
| - | | |
| (6,295 | ) | |
| - | |
| Total lease expense, net | |
$ | 973,265 | | |
$ | 974,323 | | |
$ | 1,956,955 | | |
$ | 1,950,724 | |
|