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Operating Leases

12 Months Ended

Dec. 31, 2024

Operating Leases [Abstract]

Operating Lease

5. Operating Lease

The Company leases its office space in Menlo Park, California, under an operating lease agreement dated August 18, 2017, that was originally signed for a term of five years. The lease has been amended and extended several times since the original signing and currently expires in May 2025. Monthly payments are approximately $60,000. The lease includes common area maintenance costs that are paid separately from rent based on actual costs incurred.

The Company’s future lease payments under the non-cancellable lease as of December 31, 2024, which are presented as lease liabilities on the Company’s consolidated balance sheet, are as follows:

For the year ended December 31,		Operating Lease
2025			320,526
Less: imputed interest			(3,182	)
Present value of lease liability		$	317,344

		December 31,
		2024				2023
Weighted-average remaining lease term (in years)			0.42				1.42
Weighted-average discount rate			4.87	%			3.05	%

Lease expense was $678,037 and $601,913 for the years ended December 31, 2024 and 2023, respectively. The amortization of the operating lease right-of-use assets, which is included in the lease expense, totaled $694,373 and $591,656 for the years ended December 31, 2024 and 2023, respectively. The weighted average discount rate is based on the incremental borrowing rate that is utilized to present value the remaining lease payments over the lease term.