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OPERATING LEASES | 9 Months Ended
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Sep. 30, 2025
Operating Leases |
OPERATING LEASES | NOTE 8 – OPERATING LEASES The Company periodically enters operating lease contracts for office space and equipment. Arrangements are evaluated at inception to determine whether such arrangements constitute a lease. Right of use assets (“ROU assets”) represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized on the transition date based on the present value of lease payments over the respective lease term, with the office space ROU asset adjusted for deferred rent liability. As of September 30, 2025, the Company had two material operating leases for office space. The leases had remaining lease terms of 66 and 35 months as of September 30, 2025, respectively. For practical expediency, the Company has elected not to recognize ROU assets and lease liabilities related to short-term leases. In accordance with ASC Topic 842, Leases, the Company has recorded ROU assets of $2,154,721 and related lease liabilities of $2,302,465 as of September 30, 2025. The Company recorded lease expense of $136,032 and $121,126 for the three months ended September 30, 2025 and 2024, respectively. The Company recorded lease expense of $396,229 and $416,394 for the nine months ended September 30, 2025 and 2024, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $394,149 and $362,491 for the nine months ended September 30, 2025 and 2024, respectively. The present value of the Company’s operating lease liabilities as of September 30, 2025 is shown below: Maturity of Operating Lease Liabilities SCHEDULE OF OPERATING LEASE LIABILITY
|  | September 30, 2025 |
Remainder of 2025 |  | $ | 155,818 |
2026 |  |  | 619,996 |
2027 |  |  | 631,286 |
2028 |  |  | 596,412 |
2029 |  |  | 514,160 |
2030 |  |  | 521,805 |
Thereafter |  |  | 131,884 |
Total lease payments |  |  | 3,171,361 |
Less imputed interest |  |  | (868,896 | )
Present Value of Lease Liabilities |  | $ | 2,302,465 |
Operating lease liabilities – current |  | $ | 338,990 |
Operating lease liabilities – long-term |  | $ | 1,963,475 |
As of September 30, 2025, the Company’s operating leases had a weighted average remaining lease term of 5.2 years and a weighted average discount rate of 13.3%.

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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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