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LEASES | 12 Months Ended
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Dec. 31, 2025
LEASES [Abstract] |
LEASES | 9. LEASES The Company determines if an arrangement is a lease at inception. The guidance in FASB ASC Topic 842, Leases defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Operating lease right of use (“ROU”) assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. The Company’s leases do not provide an implicit rate. Due to a lack of financing history or ability, the Company uses an estimate of low-grade debt rate published by the Federal Reserve Bank as its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The ROU asset includes any lease payments made and excludes lease incentives and initial direct costs incurred. For leases beginning on or after January 1, 2019, lease components are accounted for separately from non-lease components for all asset classes. In March 2026, the Company entered into a month-to-month service agreement for a business address located in Miami, Florida. Amortization of ROU operating lease assets was $286 and $292 for the years ended December 31, 2025 and 2024, respectively. Operating lease expense for capitalized operating leases included in operating activities was $610 and $644 for the years ended December 31, 2025 and 2024, respectively. Operating lease obligations recorded on the balance sheet at December 31, 2025 are:
Operating lease liability - short term | $ | 320 |
Operating lease liability - long term |  | 2,097 |
Total Operating Lease Liability | $ | 2,417 |
Future lease payments included in the measurement of lease liabilities on the balance sheet at December 31, 2025 for future periods are as follows:
2026 | $ | 627 |
2027 |  | 642 |
2028 |  | 658 |
2029 |  | 674 |
2030 |  | 661 |
Thereafter |  | 147 |
Total future minimum lease payments |  | 3,409 |
Less imputed interest |  | (992 | )
Total | $ | 2,417 |
The weighted average remaining lease term is 5.15 years, and the weighted average discount rate is 13.5%. Certain leases contain provisions for payment of real estate taxes, insurance and maintenance costs by the Company. These expenses are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The Company had $38 and $109 variable lease expenses during the year December 31, 2025 and 2024, respectively. The Company had $0 and $16 short-term lease expense during the year December 31, 2025, and 2024 respectively. The Company does not have any finance leases.

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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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