v3.26.1
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
17.Leases

 

Components of lease cost, weighted average remaining lease terms and discount rates of operating lease consist of the following:

 

   December 31,
2025		   December 31,
2024		 
Lease assets and liabilities        
Operating lease right-of-use assets, net  $6,007,527   $314,028 
Operating lease liabilities-current   641,564    785,070 
Operating lease liabilities-noncurrent   3,301,395    - 
Operating lease liabilities-total   3,942,959    785,070 

 

   Years Ended December 31, 
   2025   2024   2023 
Lease expenses            
Operating lease expenses-Selling, general & admin portion  $19,450   $22,994   $60,179 
Operating lease expenses-Manufacturing costs   157,770    230,468    200,889 
Total  $177,220   $253,462   $261,068 
                
Other Information               
Cash paid for amounts included in the measurement of lease liabilities               
Operating cash flows – operating leases  $2,722,437   $95,035   $99,639 
                
Weighted average remaining lease term (in years)               
Operating leases   30    2    3 
                
Average discount rate               
Operating leases   8.03%   5.99%   6.01%

 

   Operating
Leases		 
Future minimum lease payments    
For the year ending December 31,    
2026  $936,033 
2027   - 
2028   3,821,818 
2029   - 
2030   - 
Thereafter   - 
Total   4,757,851 
Less: interest   (814,892)
Present value of lease liabilities  $3,942,959 

 

During the year ended December 31, 2025, the Company modified its existing operating lease agreement for land located in San Rafael, Bulacan, Philippines. The modification effectively extended the lease period, resulting in a new non-cancellable term expiring on December 31, 2055.

 

In accordance with ASC 842, this extension was accounted for as a lease modification. Consequently, the Company remeasured the lease liability based on the extended future minimum lease payments and recognized a corresponding adjustment to the operating lease right-of-use (ROU) asset. Following this remeasurement, the total operating lease ROU asset and corresponding lease liability for this property were approximately $5.94 million. The modified lease agreement does not include additional options to extend the lease term.