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Leases

9 Months Ended

Sep. 30, 2025

Leases

Leases

Note 12 – Leases

We have entered into operating and finance leases primarily for real estate and equipment rental. These leases have terms which range from three years to five years and often include one or more options to renew or in the case of equipment rental, to purchase the equipment. These operating and finance leases are listed as separate line items on our consolidated balance sheets and represent our right to use the underlying asset for the lease term. Our obligation to make lease payments is also listed as separate line items on our consolidated balance sheets. As of September 30, 2025 and December 31, 2024, total operating and financed right-of-use assets were $728,638 and $922, and $913,439 and $18,209, respectively. 

For the nine months ended September 30, 2025 and 2024, we recorded $17,287 and $48,317, respectively, in amortization expense related to finance leases. For the nine months ended September 30, 2025 and 2024, we recorded $250,371 and $250,541, respectively, in rent expense related to operating leases. 

In May 2023, we entered into an agreement to lease 4,128 square feet of office space in San Jose, CA commencing on September 1, 2023. The lease has a term of sixty-five months with an abatement period of five months and cost approximately $208,000 during its first year. Thereafter, the lease payments increase annually by 3%.

In January 2024, we amended and renewed our lease at our corporate headquarters in Little Rock, Arkansas. The lease was extended for thirty-six months commencing on February 1, 2024 and expiring on January 31, 2027 and will cost approximately $127,000 during its first year. Thereafter, the lease payments increase by 2% annually.

Whenever the rate implicit in each lease is not readily determinable, we use our incremental borrowing rate to determine the present value of the lease payments.

Information related to our operating lease liabilities for the period ended September 30, 2025 are as follows:

		For the Three Months Ended September 30, 2025				For the Nine Months Ended September 30, 2025
Cash paid for operating lease liabilities		$	95,967			$	267,142

Minimum future lease payments ended September 30, 2025
2025 (remainder of year)			87,486
2026			354,565
2027			237,867
2028			233,727
2029			19,525
			933,170
Less imputed interest			(127,456	)
Total lease liabilities		$	805,714

Weighted-average remaining lease term		2.32 years
Weighted-average discount rate			10.5	%

Information related to our financed lease liabilities for the period ended  September 30, 2025 are as follows:

		For the Three Months Ended September 30, 2025				For the Nine Months Ended September 30, 2025
Cash paid for finance lease liabilities		$	5,220			$	17,700

Minimum future lease payments ended September 30, 2025
2025 (remainder of the year)			925
			925
Less imputed interest			(2	)
Total lease liabilities		$	923

Weighted-average remaining lease term		0.08 year
Weighted-average discount rate			6.25	%

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- References

No definition available.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 840
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/840/tableOfContent

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