XML 30 R19.htm IDEA: XBRL DOCUMENT

LEASES

9 Months Ended

Sep. 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 3.12 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 September 30, 2025:

Maturity of Operating Lease Liability
2026		67,177
2027		253,981
2028		182,436
2029 and thereafter		225,803
Total undiscounted operating lease payments	$	729,397
Less: Imputed interest		(76,763	)
Present value of operating lease liabilities	$	652,634

The Company incurred lease expense, due to amortization of operating lease right-of-use assets, of $67,457 and $76,229 and $197,679 and $235,659, which was included in “General and administrative expenses,” for the three and nine months ended September 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 September 30, 2025:

Maturity of Lease Liability
2026		6,265
Total undiscounted finance lease payments	$	6,265
Less: Imputed interest		(130	)
Present value of finance lease liabilities	$	6,135

The Company had financing cash flows used in finances leases of $7,678 and $27,118 for the nine months ended September 30, 2025 and 2024, respectively.

The Company incurred interest expense on its finance leases of $119 and $457 and interest expense of $451 and $1,765 which was included in “Interest expense”, for the three and nine months ended September 30, 2025 and 2024, respectively. The Company incurred amortization expense on its finance leases of $2,098 and $7,589 and $6,293 and $22,507 which was included in “Depreciation and amortization expense,” for the three and nine months ended September 30, 2025 and 2024, respectively.