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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases |
LEASES | 4. LEASES The Company has operating leases for real estate and vehicles. The Company has finance leases for equipment and construction land space. Leases are classified as finance leases because ownership of the underlying assets transfers at the end the lease term. Remaining lease terms for these leases range from less than one year to six years. FORAFRIC GLOBAL PLC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) The Company does not record leases with a term of 12 months or less on the balance sheet. Supplemental balance sheet information related to leases was as follows: SCHEDULE OF BALANCE SHEET CLASSIFICATION
|  | Balance Sheet |  | December 31, |
|  | Classification |  | 2024 |  |  | 2023 |
Assets |  |  |  | (in thousands) |
Operating leases |  | Right-of-use assets |  | $ | 6,931 |  |  | $ | 3,377 |
Finance leases |  | Right-of-use assets |  |  | 9,252 |  |  |  | 9,887 |
Total assets |  |  |  | $ | 16,183 |  |  | $ | 13,264 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |
Operating leases |  | Current portion of long-term debt |  | $ | 635 |  |  | $ | 625 |
Finance leases |  | Current portion of long-term debt |  |  | 390 |  |  |  | 987 |
Total current liabilities |  |  |  |  | 1,025 |  |  |  | 1,612 |
Noncurrent liabilities |  |  |  |  |  |  |  |  |  |
Operating leases |  | Long-term debt |  |  | 5,893 |  |  |  | 2,191 |
Finance leases |  | Long-term debt |  |  | 182 |  |  |  | 554 |
Total noncurrent liabilities |  |  |  |  | 6,075 |  |  |  | 2,745 |
Total liabilities |  |  |  | $ | 7,100 |  |  | $ | 4,357 |
Right-of-use assets and their corresponding lease liabilities are measured and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Discount Rates For the majority of its leases, the Company uses the rate implicit in the lease. For leases without an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments for those leases. The weighted-average discount rates for the Company’s leases were as follows: SCHEDULE OF WEIGHTED AVERAGE DISCOUNT RATES OF LEASES
|  | December 31, |
|  | 2024 |  |  | 2023 |
Operating leases |  |  | 5.2 | % |  |  | 5.0 | %
Finance leases |  |  | 7.0 | % |  |  | 7.0 | %
Lease Payments The Company includes lease payments under options to extend or terminate the lease in the measurement of the right-of-use asset and lease liability when it is reasonably certain that it will exercise such options. Fixed lease costs represent the explicitly quantified lease payments prescribed by the lease agreement and are included in the measurement of the right-of-use asset and corresponding lease liability. The weighted-average remaining lease term of the Company’s leases were as follows: SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERM
|  |  | December 31, |
|  |  | 2024 |  |  |  | 2023 |
Operating leases |  |  | 9.5 years |  |  |  | 6.5 years |
Finance leases |  |  | 0.5 years |  |  |  | 1.4 years |
The components of lease expense for the years ended December 31, 2024, 2023, and 2022 were as follows: SCHEDULE OF LEASE EXPENSE
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Operating lease cost |  | $ | 810 |  |  | $ | 581 |  |  | $ | 987 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 543 |  |  |  | 478 |  |  |  | 470 |
Interest on lease liabilities |  |  | 81 |  |  |  | 156 |  |  |  | 190 |
Total lease cost |  | $ | 1,434 |  |  | $ | 1,215 |  |  | $ | 1,647 |
FORAFRIC GLOBAL PLC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) As of December 31, 2024, future maturities of lease liabilities were as follows: SCHEDULE OF FUTURE OF LEASE LIABILITIES
|  | Operating Leases |  |  | Finance Leases |
|  | (in thousands) |
2025 |  | $ | 1,022 |  |  | $ | 465 |
2026 |  |  | 983 |  |  |  | 86 |
2027 |  |  | 949 |  |  |  | 57 |
2028 |  |  | 919 |  |  |  | 21 |
2029 |  |  | 857 |  |  |  | - |
Thereafter |  |  | 3,905 |  |  |  | - |
Total lease payments |  |  | 8,635 |  |  |  | 629 |
Less: Interest |  |  | (2,107 | ) |  |  | (57 | )
Present value of lease liabilities |  | $ | 6,528 |  |  | $ | 572 |
Other information related to leases for the years ended December 31, 2024, 2023, and 2022 were as follows: SCHEDULE OF OTHER INFORMATION RELATED TO LEASES
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Cash paid for amounts included in the measurement |  |  |  |  |  |  |  |  |  |  |  |
of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows used for operating leases |  | $ | 810 |  |  | $ | 581 |  |  | $ | 987 |
Operating cash flows used for finance leases |  | $ | 543 |  |  | $ | 478 |  |  | $ | 470 |
Financing cash flows used for finance leases |  | $ | 81 |  |  | $ | 156 |  |  | $ | 190 |

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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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