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Leases
3 Months Ended
Mar. 31, 2025
Leases  
Leases

(7) Leases

 

As of March 31, 2025, the Company entered into two new operating leases.

 

The first lease is scanning equipment from Lumafield, in which Solésence paid the entire amount of future lease payments up front, thereby increasing operating right-of-use assets with no related increase to operating lease liabilities. The term of the Lumafield lease is 12 months, with total payments of $330 which were paid in advance.

 

The second lease is with Penske for a truck. The term of the lease is 60 months, with total undiscounted payments of $126. The lease resulted in a $100 increase to operating right-of-use assets and operating lease liabilities. As a policy election, the Company elects not to separate lease and non-lease components.

 

Solésence has one existing subleases that are now month to month. There are no future undiscounted lease payments that are guaranteed.