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LEASES

12 Months Ended

Dec. 31, 2024

6. LEASES

The Company has operating leases that primarily relate to operating facilities in both the United States and Germany. The Company leases its operating facilities under operating lease arrangements with varying expiration dates through March 2037. As of December 31, 2024, the remaining lease term of the Company’s operating leases ranges from six to twelve years.

Supplemental statement of operations and cash flows related to operating leases is as follows:


		For the year ended December 31,
		2024			2023
Cash paid in connection with operating leases		$	1,683,461		$	2,403,025
Operating lease expense		$	2,234,616		$	1,802,490

Supplemental balance sheet information related to operating leases is as follows:


		December 31,
		2024			2023
Right-of-use asset		$	11,511,236		$	12,058,896
Lease liability – current portion		$	452,688			373,636
Lease liability – net of current portion			12,443,971			12,896,659
Total lease liability		$	12,896,659		$	13,270,295
Weighted average discount rate			9.8	%		9.8	%
Weighted average remaining lease term			11.7 years			12.7 years

As of December 31, 2024, the maturities of the lease liabilities are as follows:


2025		$	1,695,676
2026			1,735,747
2027			1,776,920
2028			1,819,224
2029			1,862,893
Thereafter			13,550,383
Future operating lease payments			22,440,843
Imputed interest			(9,544,184)
Total lease liability		$	12,896,659