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Leases

12 Months Ended

Dec. 31, 2025

Note 6. Leases

The Company’s former corporate headquarters was located in Baltimore, Maryland, which included a lease for office space. This lease began in November 2022 and expired in April 2024. The lease was not renewed. To align with the accounting and administrative staff detailed below, the Company moved all remaining corporate activities in April 2024 to the shared space in Tampa, Florida referenced below within variable lease costs. In September 2024, the Company decided to no longer utilize the shared space and moved to a virtual office model. The Company has not had a physical office space since October 2024.

Variable lease costs

Variable lease costs primarily include utilities, property taxes, and other operating costs that are passed on from the lessor for the former corporate headquarters in Baltimore, Maryland. Variable lease costs related to the usage of the MIRALOGX airplane include usage expenses, which includes pilot expenses, jet fuel and general flight expenses that totaled nil and $0.32 million in 2025 and 2024, respectively.

Beginning August 1, 2023, the Company’s accounting and administrative staff began sharing office space with a related party in Tampa, Florida. During the year ended December 31, 2024, this variable least cost related to the Tampa, Florida space totaled $0.02 million. The Company did not have lease costs during the year ended December 31, 2025.

The components of lease expense were as follows:

	2025		2024
	Year ended December 31,
	2025		2024
Lease Costs
Operating lease cost
Operating lease	$	-	$	55,667
Variable lease costs		-		336,656
Total lease cost	$	-	$	392,323