LEASES

6 Months Ended

Jun. 30, 2026

13. LEASES

The Company has operating leases for office space and equipment. Lease terms generally range from 3 to 5 years, and certain leases include options to extend or terminate which are considered in determining the lease term when reasonably certain to be exercised.

The components of lease expense were as follows for the three and six months ended June 30, 2026 and 2025:


		Three Months Ended June 30,					Six Months Ended June 30,
		2026		2025			2026		2025
Operating lease costs		$	40,561	$	40,561		$	81,122	$	81,122
Total lease cost		$	40,561	$	40,561		$	81,122	$	81,122

The Company does not have any finance leases, short-term leases, or variable lease payment arrangements.

The components of operating lease assets and liabilities as of June 30, 2026 and December 31, 2025 were as follows:


		June 30, 2026			December 31, 2025
Operating lease right of use assets		$	236,397		$	312,041

Current portion of operating lease liability			161,992			156,797
Operating lease liability, net of current portion			84,467			167,290
Total operating lease liabilities		$	246,459		$	324,087

The weighted-average remaining lease term and weighted-average discount rate as of June 30, 2026 and December 31, 2025 were as follows:


		June 30, 2026		December 31, 2025
Weighted average lease term		1.50 years		2.00 years
Weighted average discount rate		3.94	%	3.94	%

Future minimum lease payments under non-cancelable operating leases as of June 30, 2026 are as follows:


		Operating Leases
2026		$	83,105
2027			170,322
Total lease payments			253,427
Less: imputed interest			(6,968)
Total present value of lease liabilities		$	246,459