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Leases | 9 Months Ended
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Sep. 30, 2024
Leases |
Leases | Note 15 – Leases Leases primarily consist of office space, facilities, and equipment. A lease is deemed to exist when the Company has the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Company has the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. The Company recognizes right-of-use (“ROU”) assets and a corresponding lease liability on the lease commencement date (the date in which the asset is available for use). Lease liabilities are recognized in “Other current payables” and “Other non-current payables.” The Company uses its estimated incremental borrowing rate in determining the present values of lease payments. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments for a term similar to the lease term in a similar economic environment as the lease. Lease liabilities are measured at the present value of lease payments to be made during the lease term, which is measured based on the contract term and renewal options. Options to extend the lease term or terminate it early are considered when it is reasonably certain the options will be exercised. The following is a summary of the balance sheet components of leases:
|  | September 30, |  |  | December 31, |
|  |  | 2024 |  |  |  | 2023 |
Supplemental balance sheet information |  |  |  |  |  |  |  |
ROU assets, net - related parties |  | $ | 385 |  |  | $ | 474 |
ROU assets, net - third parties |  |  | 875 |  |  |  | 34 |
Total ROU assets, net |  | $ | 1,260 |  |  | $ | 508 |
Operating lease liabilities - related parties |  | $ | 360 |  |  | $ | 474 |
Operating lease liabilities - third parties |  |  | 872 |  |  |  | 36 |
Total operating lease liabilities |  | $ | 1,232 |  |  | $ | 510 |
Future minimum lease payments at September 30, 2024 were as follows:
|  | Operating Leases |
2024 | $ | 162 |
2025 |  | 743 |
2026 |  | 314 |
2027 |  | 96 |
2028 |  | 4 |
Thereafter |  | - |
Total minimum lease payments |  | 1,319 |
Imputed interest |  | (87 | )
Total operating lease liabilities | $ | 1,232 |
As of September 30, 2024, the Company has two lease agreements with Embraer that have not yet commenced. One agreement is for a facility in Gavião Peixoto, São Paulo, Brazil. The lease is expected to commence in 2025. The other lease agreement was executed on August 13, 2024, where the Company agreed to lease property from Embraer in Taubaté, São Paulo, Brazil. This site is expected to be used to develop the Company’s manufacturing facility for eVTOL production. The lease agreement included a commitment by the Company to invest a minimum of R$15 million in leasehold improvements. As of September 30, 2024, the Company incurred approximately $0.4 million in prepaid lease costs, which is recognized in the “Other non-current assets” line of the condensed consolidated balance sheets.

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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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