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Leases

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

LEASES

7. LEASES

The Company’s non-cancellable operating leases consist of leases for office space. The Company is the lessee under the terms of the operating leases. For the six months ended June 30, 2025, the operating lease cost was $0.09 million.

The Company’s operating leases have remaining lease terms of approximately 19 months. As of June 30, 2025, the weighted average remaining lease term and weighted average discount rate were 1.60 years and 4.88%, respectively.

Maturities of lease liabilities were as follows:

		Operating
As of June 30,		Lease
From July 1, 2025 to June 30, 2026		$	202,391
From July 1, 2026 to June 30, 2027			108,989
Total		$	311,380
Less: amounts representing interest		$	10,234
Present Value of future minimum lease payments			301,146
Less: Current obligations			193,562
Long term obligations		$	107,584

The Company leases office space and equipment under various short-term operating leases. As permitted by ASC 842, the Company has elected the practical expedient for short-term leases, whereby lease assets and lease liabilities are not recognized on the balance sheet. Short term leases cost was nil for the six months ended June 30, 2025.

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- References

No definition available.

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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

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