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Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

6. Leases

The Company leases its office facilities under noncancelable operating lease agreements. The Company has leases for office facilities in Woodbridge, New Jersey and Schaumburg, Illinois. The operating lease agreement for the Woodbridge, New Jersey location was renewed in April 2024 for a 60-month period ending in April 2029.

The Company’s operating lease liability balance was $337,304 as of December 31, 2023. During 2024, the Company renewed its office lease as discussed above and recorded an additional operating lease liability of $1,395,540. In 2024, the Company made payments of $282,861 against its operating lease liability, resulting in a lease liability of $1,449,983 as of December 31, 2024, of which the current portion of lease liability was $316,612, and a long-term lease liabilities balance of $1,133,371.

The components of lease expense were as follows:

 Schedule of components of Lease Expenses

		Year Ended December 31, 2024				December 30 to December 31, 2023				January 1, 2023 to December 29, 2023
		Successor								Predecessor
		Year Ended December 31, 2024				December 30 to December 31, 2023				January 1, 2023 to December 29, 2023
Operating lease expense		$	446,229			$	-			$	191,152

Supplemental information related to leases was as follows:

 Schedule of Supplemental Cash Flow Information

		Successor
		As of December 31, 2024
Weighted average remaining lease terms (in years)			4.05
Weighted average discount rate			8	%

Maturities of the Company’s operating lease liabilities are as follows as of December 31, 2024:

 Schedule of Maturities of Operating Lease Liabilities

		Successor
		As of December 31, 2024
2025		$	424,660
2026			438,374
2027			382,954
2028			359,654
2029			105,927
Thereafter			-
Total			1,711,569
Less: Imputed interest			(261,586	)
Total operating lease liability		$	1,449,983

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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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