The Company leases manufacturing and office space under an agreement classified as an operating lease. The company entered into an amendment to the lease agreement for its operating facility on April 15, 2025 that extends the term of the lease until April 30, 2031. The lease agreement does not include any renewal options. The agreement provides for an initial monthly base amount plus annual escalations through the term of the lease. In addition to the monthly base amounts in the lease agreement, the Company is required to pay real estate taxes and operating expenses during the lease terms.

The Company also leases office equipment in agreements classified as operating leases.  

For the nine months ended September 30, 2025 and 2024, the Company’s operating lease expense was $1,784,937 and $1,611,487, respectively. For the three months ended September 30, 2025 and 2024, the Company’s operating lease expense was $594,979 and $528,127, respectively.

Future minimum lease payments under non-cancellable operating leases as of September 30, 2025 were as follows:

The following table sets forth the right-of-use assets and operating lease liabilities as of:

The Company’s weighted average remaining lease term for its operating leases is 5.5 years as of September 30, 2025. The Company’s weighted average discount rate for its operating leases is 9.5% as of September 30, 2025.