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Right of Use Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Right Of Use Assets And Liabilities  
Right of Use Assets and Liabilities

Note 10 – Right of Use Assets and Liabilities

 

As of June 30, 2025, the Company had operating type leases for real estate and no finance type leases. The Company’s leases have remaining lease terms of up to 5.50 years, including options to extend certain leases for up to six years. Operating lease expense totaled $392,257 and $177,964 for the six months ended June 30, 2025 and 2024, respectively.

 

Leases on which the Company made rent payments during the reporting period included:

 

Location  Monthly Rent   Expiration 
South Salt Lake, Utah  $24,040    December 2030 
Santa Monica, California  $16,697    June 2025 
San Juan, Puerto Rico  $6,186    June 2027 
Grantsville, Utah  $1,250    December 2026 
Carson, California  $22,655    April 2028 
South Salt Lake, Utah  $1,642    January 2027 

 

Supplemental information related to operating leases for the six months ended June 30, 2025 was:

 

      
Operating cash paid for leased facilities  $344,245 
Weighted average remaining lease term (in years)   4.35 
Weighted average discount rate   12%