XML 38 R26.htm IDEA: XBRL DOCUMENT v3.25.3
LEASES
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
LEASES LEASES
In February 2024, the Company added additional office space to the existing lease via an amendment. This amendment did not significantly change the overall terms of the amendment signed in 2023 and as a result was treated as a lease modification. The modification increased our right of use asset and liability by $359,352.
On December 2, 2024, the Company recognized a lease right of use asset and liabilities related to office space leased by Carlisle in Luxembourg, as part of the business combination. Refer to Note 3 Business Combinations for additional information. The Carlisle Lease terminates at the end of July 2033. There is no substantive option to terminate the Luxembourg Lease before the end of its term. The Luxembourg Lease increased the Company’s right of use asset and liability by $2,779,748.
In April 2025, the Company added additional office space to the existing lease via an amendment. This amendment did not significantly change the overall terms of the amendment signed in 2023 and as a result was treated as a lease modification. The modification increased our right of use asset and liability by $423,816.
The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts:
As of September 30, 2025As of December 31, 2024
Assets:
Operating lease right-of-use assets$4,716,584 $4,722,573 
Liabilities:
Current operating lease liabilities671,281 515,597 
Non-current operating lease liabilities4,535,901 4,580,158 
Total lease liability$5,207,182 $5,095,755 
The Company recognizes lease expense for its operating leases within general, administrative, and other expenses on the Company’s consolidated statements of operations and comprehensive income (loss). The Company’s lease expense for the periods presented consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating lease cost$278,574 $128,607 $806,439 $379,047 
Variable lease cost43,217 310,231 191,710 456,477 
Total lease cost$321,791 $438,838 $998,149 $835,524 
The following table shows supplemental cash flow information related to lease activities for the periods presented:
Nine Months Ended September 30,
20252024
Cash paid for amounts included in the measurement of the lease liability:
Operating cash flows from operating leases$876,787 $501,994 
ROU assets obtained in exchange for new lease liabilities423,816 359,352 
The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:
Nine Months Ended September 30,
20252024
Weighted-average remaining lease term (in years)6.075.25
Weighted-average discount rate9.77%9.67%
Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at September 30, 2025 are as follows:
Operating leases
Remaining of 2025$282,167 
20261,150,350 
20271,184,883 
20281,220,381 
20291,256,990 
Thereafter1,861,396 
Total operating lease payments (undiscounted)6,956,167 
Less: Imputed interest(1,748,985)
Lease liability as of September 30, 2025$5,207,182