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Leases

9 Months Ended

Sep. 30, 2025

NOTE 8—LEASES

Operating Leases

In June 2025, the Company entered into a lease agreement for office space located in Richmond, Virginia. The lease commenced on June 1, 2025 and is for a term of three years. Under the terms of the lease, the Company will lease the premises at the monthly rate of $1,995 for the first year, with scheduled annual increases. The lease agreement contains customary events of default, representations, warranties, and covenants. The measurement of the right-of-use asset and liability associated with this operating lease was $68,760.

In July 2025, the Company entered into a lease agreement for office space located in Sardinia, Ohio. The lease commenced on July 1, 2025 and is for a term of two years. Under the terms of the lease, the Company will lease the premises at the monthly rate of $3,150 for the first year, with scheduled annual increases. The lease agreement contains customary events of default, representations, warranties, and covenants. The measurement of the right-of-use asset and liability associated with this operating lease was $72,215.

In August 2025, in connection with the acquisition of Heliogen, the Company entered into a lease agreement for office space located in Houston, Texas. The lease commenced on August 8, 2025 and is for a term of 13 months. Under the terms of the lease, the Company will lease the premises at the monthly rate of $10,451. The lease agreement contains customary events of default, representations, warranties, and covenants. The measurement of the right-of-use asset and liability associated with this operating lease was $130,225 and is part of the net assets acquired in the acquisition of Heliogen in the non-cash investing and financing activities of the condensed consolidated statements of cash flows.

The following was included in the condensed consolidated balance sheets at September 30, 2025 and December 31, 2024:

	September 30, 2025			December 31, 2024
Operating lease right-of-use assets	$	1,067,373		$	1,268,139

Operating lease liabilities, current portion		724,083			583,429
Operating lease liabilities, long-term		448,633			799,385
Total operating lease liabilities	$	1,172,716		$	1,382,814

Weighted-average remaining lease term (years)		1.64			2.39
Weighted-average discount rate		4.98	%		4.97	%

The Company records operating lease costs in general and administrative expenses in the condensed consolidated statements of operations. Operating lease costs for the three months ended September 30, 2025 and 2024 was $167,914 and $133,892, respectively. Operating lease costs for the nine months ended September 30, 2025 and 2024 was $516,889 and $461,822, respectively.

As of September 30, 2025, maturities of operating lease liabilities were as follows:

Year Ending December 31,	Amount
2025 (remaining)	$	192,604
2026		717,863
2027		244,051
2028		69,147
Total		1,223,665
Less: imputed interest		(50,949	)
Total operating lease liabilities	$	1,172,716

Finance Leases

As of September 30, 2025, maturities of finance lease liabilities were as follows:

Year Ending December 31,	Amount
2025 (remaining)	$	42,869
2026		171,476
2027		171,476
2028		47,607
Total		433,428
Less: imputed interest		(50,810	)
Total finance lease liabilities	$	382,618

As of September 30, 2025, the weighted-average remaining lease term for all finance leases is 2.53 years and the weighted average discount rate is 9.76%.