Leases |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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| Leases | 5. Leases
The Company leases its office facilities under noncancelable operating lease agreements. The Company has leases for office facilities in Woodbridge, New Jersey and Schaumburg, Illinois. The operating lease agreement for the Woodbridge, New Jersey, location was renewed in April 2024 for a 60-month period ending in April 2029.
The Company’s operating lease liability balance was $1,449,983 as of December 31, 2024. During the year ended December 31, 2025, the Company made payments of $316,612 against its operating lease liability, resulting in a lease liability of $1,133,371 as of December 31, 2025, of which the current portion was $358,861 and the long-term portion was $774,510.
During the year ended December 31, 2025, and 2024, lease costs totaled approximately $453,918 and $362,659, respectively, and were recorded as part of selling, general, and administrative expenses in the accompanying consolidated statements of operations.
As of December 31, 2025, the weighted average remaining lease term for operating leases is 3.11 years, and the weighted average discount rate is 8.00%.
Maturities of the Company’s operating lease liabilities are as follows as of December 31, 2025:
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