LEASES — AS A LESSEE (Tables)
|
9 Months Ended |
Sep. 30, 2025 |
|---|
| Leases As Lessee |
|
| SCHEDULE OF LEASE COSTS |
The components of lease costs are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
|
For the Nine Months
Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Finance lease costs: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of finance lease right-of-use assets |
|
$ |
31,457 |
|
|
$ |
— |
|
|
$ |
72,377 |
|
|
$ |
— |
|
Interest on finance lease liabilities |
|
|
3,784 |
|
|
|
— |
|
|
|
9,007 |
|
|
|
— |
|
Total finance lease costs |
|
|
35,241 |
|
|
|
— |
|
|
|
81,384 |
|
|
|
— |
|
Operating lease costs |
|
|
1,259,336 |
|
|
|
986,723 |
|
|
|
3,456,842 |
|
|
|
2,914,366 |
|
Short-term lease costs |
|
|
32,451 |
|
|
|
59,620 |
|
|
|
187,779 |
|
|
|
239,673 |
|
Total lease costs |
|
$ |
1,327,028 |
|
|
$ |
1,046,343 |
|
|
$ |
3,726,005 |
|
|
$ |
3,154,039 |
|
|
| SCHEDULE OF SUPPLEMENTAL INFORMATION OPERATING LEASES |
The following table presents supplemental information related to the Company’s leases:
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months
Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
3,639,887 |
|
|
$ |
3,107,447 |
|
Operating cash flows from finance leases |
|
|
9,007 |
|
|
|
— |
|
Financing cash flows from finance leases |
|
|
310,603 |
|
|
|
— |
|
Non-cash information: |
|
|
|
|
|
|
Operating lease right-of-use assets obtained in exchange for operating lease liabilities |
|
|
105,556 |
|
|
|
— |
|
Finance lease right-of-use assets obtained in exchange for finance lease liabilities |
|
|
612,466 |
|
|
|
— |
|
Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications |
|
|
2,646,028 |
|
|
|
2,408,752 |
|
Weighted average remaining lease term (years) |
|
|
|
|
|
|
Operating leases |
|
|
1.81 |
|
|
|
2.05 |
|
Finance leases |
|
|
2.43 |
|
|
|
— |
|
Weighted average discount rate (per annum) |
|
|
|
|
|
|
Operating leases |
|
|
0.68 |
% |
|
|
0.19 |
% |
Finance leases |
|
|
5.11 |
% |
|
|
— |
|
|
| SCHEDULE OF MATURITY OF LEASE LIABILITIES |
As of September 30, 2025, the future maturity of operating and finance lease liabilities is as follows:
|
|
|
|
|
|
|
|
|
Years ending December 31, |
|
Operating
Leases |
|
|
Finance
Leases |
|
Remaining of 2025 |
|
$ |
1,177,273 |
|
|
$ |
41,361 |
|
2026 |
|
|
2,661,733 |
|
|
|
132,469 |
|
2027 |
|
|
893,682 |
|
|
|
76,237 |
|
2028 |
|
|
235,745 |
|
|
|
43,213 |
|
2029 |
|
|
128,596 |
|
|
|
7,004 |
|
Thereafter |
|
|
58,186 |
|
|
|
— |
|
Total undiscounted lease payments |
|
|
5,155,215 |
|
|
|
300,284 |
|
Less: imputed interest |
|
|
(45,178 |
) |
|
|
(16,004 |
) |
Present value of lease liabilities |
|
|
5,110,037 |
|
|
|
284,280 |
|
Less: lease liabilities, current |
|
|
(3,545,667 |
) |
|
|
(147,603 |
) |
Lease liabilities, non-current |
|
$ |
1,564,370 |
|
|
$ |
136,677 |
|
|