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Leases
 6 Months Ended
Jun. 30, 2025
Leases  
Leases

Note 10. Leases

 

Lawrenceville, New Jersey Lease

 

In August 2023, the Company renewed its Lawrenceville office lease for a 24-month agreement for 9,850 square feet with monthly rent payments of approximately $22,983 to $23,394. In April 2025, the Company renewed its Lawrenceville office lease until November 30, 2028 for 4,359 square feet (to be reduced to 4,011 following April 1, 2026) with monthly rent payments of approximately $10,361 to $10,863.

 

Huntsville, Alabama Lease

 

In January 2023, the Company renewed its Huntsville facility lease for a 60-month lease agreement for 11,420 square feet with monthly rent payments of approximately $28,550 to $30,903.

 

The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of June 30, 2025:

 

     
2025  $240,391 
2026   488,821 
2027   498,086 
2028 and thereafter   149,896 
Subtotal future lease payments   1,377,194 
Less imputed interest   (183,787)
Total lease liabilities  $1,193,407 
      
Weighted average remaining life   2.85 
      
Weighted average discount rate   9.98%

 

For the six-month period ended June 30, 2025, operating lease expense was $283,813 and cash paid for operating leases included in operating cash flows was $283,083. For the six-month period ended June 30, 2024, operating lease expense was $314,457 and cash paid for operating leases included in operating cash flows was $325,091.