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LEASE OBLIGATIONS | 9 Months Ended
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Sep. 30, 2024
LEASE OBLIGATIONS [Abstract] |
LEASE OBLIGATIONS |
12. | LEASE OBLIGATIONS
The Company leases certain properties and equipment for its ADMA BioCenters and ADMA BioManufacturing subsidiaries, which leases provide the right to use the underlying assets and require lease payments through the respective lease terms which expire at various dates through 2033. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Right-to-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of the lease payments is determined using the Company’s incremental borrowing rate. The Company’s lease expense is recognized on a straight-line basis over the lease term and is reflected in Plasma center operating expenses and Selling, general and administrative expenses. Aggregate lease expense for the Company’s leases for the three months ended September 30, 2024 and 2023 was approximately $0.6 million, and aggregate lease expense for the nine months ended September 30, 2024 and 2023 was approximately $1.8 million. Cash paid for the Company’s leases for the three months ended September 30, 2024 and 2023 was also approximately $0.6 million, and cash paid for the nine months ended September 30, 2024 and 2023 was approximately $1.8 million. The Company has aggregate lease liabilities of $10.1 million and $10.8 million as of September 30, 2024 and December 31, 2023, respectively, which are comprised primarily of the leases for the Company’s plasma collection centers and a warehouse lease for raw material storage related to the Company’s immunoglobulin manufacturing operations. The Company’s operating leases have a weighted-average remaining term of 7.0 years. Scheduled payments under the Company’s lease obligations are as follows (in thousands):
Remainder of 2024 |  |  | $ | 603 |
Year ended December 31, 2025 |  |  |  | 2,421 |
2026 |  |  |  | 2,157 |
2027 |  |  |  | 2,041 |
2028 |  |  |  | 2,088 |
2029 |  |  |  | 2,109 |
Thereafter |  |  |  | 4,042 |
Total payments |  |  |  | 15,461 |
Less: imputed interest |  |  |  | (5,403 | )
Current portion |  |  |  | (1,193 | )
Balance at September 30, 2024 |  |  | $ | 8,865 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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