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LEASES | 3 Months Ended
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Mar. 31, 2026
Leases [Abstract] |
LEASES | LEASES In February 2026, the Company entered into a new lease for office space (“2026 Office Lease”). The Company recognized a lease right of use asset and lease liability related to the 2026 Office Lease increasing the Company’s right of use asset and liability by $6,123,131. The lease terminates at the end of December 2030 with no substantive option to extend or terminate the 2026 Office Lease beyond the term of the lease. The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts:
| March 31, 2026 |  | December 31, 2025
Assets: |  |  |
Operating lease right-of-use assets | $ | 10,339,573 |  |  | $ | 4,561,692 |
Liabilities: |  |  |
Operating lease liability, current | 1,327,873 |  |  | 720,186 |
Operating lease liability, non-current | 9,985,924 |  |  | 4,637,642 |
Total lease liability | $ | 11,313,797 |  |  | $ | 5,357,828 |
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. The Company’s lease expense for the periods presented consisted of the following:
| Three Months Ended March 31,
| 2026 |  | 2025
Operating lease cost | $ | 516,638 |  |  | $ | 179,143 |
Variable lease cost | 18,680 |  |  | 25,150 |
Total lease cost | $ | 535,318 |  |  | $ | 204,293 |
The following table shows supplemental cash flow information related to lease activities for the periods presented:
| Three Months Ended March 31,
| 2026 |  | 2025
Cash paid for amounts included in the measurement of the lease liability: |  |  |
Operating cash outflows for operating leases | $ | 328,243 |  |  | $ | 323,911 |
ROU assets obtained in exchange for new lease liabilities | 6,123,131 |  |  | — |
The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:
| Three Months Ended March 31,
| 2026 |  | 2025
Weighted-average remaining lease term (in years) | 5.19 |  | 6.72
Weighted-average discount rate | 7.20 | % |  | 9.78 | %
Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at March 31, 2026 are as follows:
| Operating leases
2026 remaining | $ | 1,370,520 |
2027 | 2,731,026 |
2028 | 2,820,627 |
2029 | 2,913,362 |
2030 | 2,213,823 |
Thereafter | 1,362,138 |
Total operating lease payments (undiscounted) | 13,411,496 |
Less: Imputed interest | (2,097,699) |
Lease liability as of March 31, 2026 | $ | 11,313,797 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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