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Operating Leases
 12 Months Ended
Dec. 31, 2025
Operating Leases [Abstract]  
Operating Leases

Note 15 – Operating Leases:

 

As of December 31, 2025, the Company has use of space in three different locations, Hoboken, NJ, Tempe, AZ, and Mclean, VA, under lease or membership agreements, which expire at various dates through July 31, 2030. The Company’s leases do not provide an implicit rate, and the rates implicit in our leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease assets and liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The Company’s leases all contain options to extend or renew the lease or membership term.

 

The table below reconciles the undiscounted future minimum lease payments under these operating leases to the total operating lease liabilities recognized on the consolidated balance sheet as of December 31, 2025 (in thousands):

 

Year  Lease Payments
Due		 
2026  $1,001 
2027   1,028 
2028   665 
2029   213 
2030   126 
Total minimum payments   3,033 
Less: imputed interest   (456)
Present value of operating lease liabilities   2,577 
Less: current portion included in accrued expenses   (769)
Long-term operating lease liabilities  $1,808 

Other information related to operating lease liabilities consists of the following:

 

   Year Ended December 31, 
   2025   2024   2023 
Cash paid for operating lease liabilities  $594   $385   $411 
Weighted average remaining lease term in years   3.14    3.30    3.70 
Weighted average discount rate   10.77%   10.00%   10.00%