Quarterly report [Sections 13 or 15(d)]

COMMITMENTS AND CONTINGENCIES (Tables)

v3.25.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2025
Property Subject to Operating Lease [Member]  
Schedule of supplemental information related to leases
           
   

Three Months Ended

March 31,

  
    2025     2024  
Lease cost:                
Operating lease cost   $ 195,409     $ 195,410  
Short-term lease cost   $ 5,303     $ 4,296  
                 
Other information:                
Operating cash outflow used for operating leases   $ 199,224     $ 194,367  
Weighted average discount rate     9.0 %     9.0 %
Weighted average remaining lease term     7.25 years       8.3 years  
Schedule of future minimum lease payments due under the operating lease
     
    Amount  
Calendar year:        
2025   $ 599,332  
2026     818,518  
2027     838,984  
2028     859,856  
Thereafter     3,183,571  
Total undiscounted future minimum lease payments     6,300,261  
Less: Impact of discounting     (1,729,619 )
Total present value of operating lease obligations     4,570,642  
Current portion     (803,536 )
Operating lease obligations, less current portion   $ 3,767,106  
Master Lease Agreement [Member]  
Schedule of supplemental information related to leases
           
   

Three Months Ended

March 31,

  
    2025     2024  
Lease cost:                
Master Lease Agreement cost   $ 121,013     $ —  
Short-term lease liability   $ 487,695     $ —  
                 
Other information:                
Operating cash outflow used for operating leases   $ 11,700     $ —  
Weighted average discount rate     8.63 %     —  
Weighted average remaining lease term     5.17 years       —  
Schedule of future minimum lease payments due under the operating lease
     
    Amount  
Calendar year:        
2025   $ 355,751  
2026     527,777  
2027     527,777  
2028     527,777  
   Thereafter     703,702  
      Total undiscounted future minimum lease payments     2,642,784  
Less: Impact of discounting     (517,049 )
Total present value of MLA obligation     2,125,735  
      Current portion     (487,695 )
MLA, less current portion   $ 1,638,040