Note 11 - Operating Leases

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

11. OPERATING LEASES

We have non-cancelable operating lease agreements for certain office and warehouse space through January of 2043. Minimum lease payments include the fixed lease component of the agreement, as well as fixed rate increases that are initially measured at the lease commencement date. Our lease agreements include variable components such as common area maintenance charges and real estate taxes. Variable lease payments based on consumption and leases with terms less than twelve months are insignificant and expensed as incurred.

The following table presents our lease assets and liabilities by their balance sheet classification: 

	As of December 31,
	2025		2024
Lease assets
Operating lease right-of-use asset	$	4,379,628	$	4,560,679
Lease liabilities
Current portion of operating lease liability(1)	$	85,489	$	432,072
Operating lease liability, net of current portion	$	4,009,788	$	4,129,102

⁽¹⁾ During the year ended December 31, 2025, we made a balloon payment to our landlord in accordance with the terms of the lease agreement, resulting in the significant decrease in the current portion of our operating lease liability as of December 31, 2025.

The following tables describe our lease costs and other lease information:

	During the Years
	Ended December 31,
	2025			2024
Operating lease cost
Fixed lease cost	$	404,529		$	427,519
Variable lease cost		74,186			66,523
Total lease cost	$	478,715		$	494,042
Weighted average remaining lease term (in years)		17.1			18.1
Weighted average discount rate(1)		6.56	%		6.60	%

⁽¹⁾ We assess the incremental borrowing rate at the commencement date and any subsequent modification dates. 

The following table presents supplemental cash and non-cash information:

		During the Years
		Ended December 31,
		2025		2024
Cash paid for operating lease liabilities	$	689,375	$	577,260
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	—	$	103,115

Future lease payments required under non-cancelable operating leases in effect as of December 31, 2025 were as follows:

During the years ending December 31,		Amount
2026	$	346,874
2027		353,812
2028		360,885
2029		368,397
2030		375,465
Thereafter		5,157,324
Total lease payments		6,962,757
Less: imputed interest		(2,867,480	)
Total operating liabilities	$	4,095,277