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LEASES

6 Months Ended

Jun. 30, 2025

NOTE 13 – LEASES

The Company has various operating and finance lease agreements with terms up to 10 years, for various types of property and equipment (such as office space and vehicles) etc. Some leases include options to purchase, terminate or extend for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.

Operating Leases

The Company’s weighted-average remaining lease term relating to its operating leases is 3.51 years, with a weighted-average discount rate of 6.74%.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of June 30, 2025:

Maturity of Operating Lease Liability
2026		128,594
2027		240,152
2028		169,450
2029 and thereafter		214,054
Total undiscounted operating lease payments	$	752,250
Less: Imputed interest		(83,142	)
Present value of operating lease liabilities	$	669,108

The Company incurred lease expense, due to amortization of operating lease right-of-use assets, of $69,554 and $82,263 and $130,222 and $159,430, which was included in “General and administrative expenses,” for the three and six months ended June 30, 2025 and 2024, respectively.

Finance Leases

The Company’s weighted-average remaining lease term relating to its finance leases is 0.85 years, with a weighted-average discount rate of 6.74%.

The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s finance leases as of June 30, 2025:

Maturity of Lease Liability
2026		8,869
Total undiscounted finance lease payments	$	8,869
Less: Imputed interest		(248	)
Present value of finance lease liabilities	$	8,621

The Company had financing cash flows used in finances leases of $5,156 and $17,353 for the six months ended June 30, 2025 and 2024, respectively.

The Company incurred interest expense on its finance leases of $137 and $583 and interest expense of $332 and $1,308 which was included in “Interest expense”, for the three and six months ended June 30, 2025 and 2024, respectively. The Company incurred amortization expense on its finance leases of $0 and $7,429 and $4,110 and $14,918 which was included in “Depreciation and amortization expense,” for the three and six months ended June 30, 2025 and 2024, respectively.