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| Leases | 5. Leases
The Company leases its office facilities under noncancelable operating lease agreements. The Company has leases for office facilities in Woodbridge, New Jersey and Schaumburg, Illinois. The operating lease agreement for the Woodbridge, New Jersey location was renewed in April 2024 for a 60-month period ending in April 2029.
The Company’s operating lease liability balance was $1,133,371 as of December 31, 2025. During the nine months ended September 30, 2026, the Company made payments of $264,938 against its operating lease liability, resulting in a lease liability of $868,433 as of September 30, 2026, of which the current portion of lease liability was $349,356, and a long-term lease liabilities balance of $519,077.
During the nine months ended September 30, 2026 and 2025, lease costs totaled approximately $322,793 and $345,853, respectively.
As of September 30, 2026, the weighted average remaining lease term for operating leases is 2.45 years, and the weighted average discount rate for operating leases is 8.00%.
Maturities of the Company’s operating lease liabilities are as follows as of September 30, 2026:
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