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Leases

9 Months Ended

Sep. 30, 2025

4.	Leases

At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on facts and circumstances present in that arrangement. Lease classifications, recognition, and measurement are then determined at the lease commencement date.

The Company’s operating lease right-of-use (“ROU”) assets and operating lease liabilities include primarily leases for office and warehouse spaces used to conduct our business. Finance leases primarily consist of lab, processing and transport equipment used by our facilities’ operations.

The components of lease cost for the Company’s leases for the three and nine months ended September 30, 2025, and 2024 were as follows (in thousands):

Schedule of Components of Lease Cost

	2025		2024		2025		2024
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Operating Leases:
Lease cost	$	121	$	129	$	363	$	420

Finance Leases:
Amortization of ROU assets		66		65		193		196
Interest on lease liability		24		20		72		63
Finance lease		90		85		265		259

Short-term lease rent expense		2		1		6		3

Total lease cost	$	213	$	215	$	634	$	682

The weighted average remaining lease term and the weighted average discount rate for operating and finance leases as of September 30, 2025, were:

Schedule of Weighted Average Lease

	Operating Leases			Finance Leases
Weighted average remaining lease terms (years)		4.0			3.7

Weighted average discount rate		7.7	%		9.6	%

The weighted average remaining lease term and the weighted average discount rate for operating and finance leases as of September 30, 2024, were:

	Operating Leases			Finance Leases
Weighted average remaining lease terms (years)		4.9			3.9

Weighted average discount rate		7.7	%		9.0	%

The following table reconciles the undiscounted cash flows for the operating and finance leases as of September 30, 2025, to the operating and finance lease liabilities recorded on the balance sheet (in thousands):

	Operating Leases			Finance Leases
2025 (Remaining)	$	125		$	96
2026		479			238
2027		447			204
2028		343			181
2029		334			120
2030 and thereafter		74			5
Total undiscounted lease payments		1,802			844
Less: Imputed interest		(281	)		(134	)
Present value of lease payments	$	1,521		$	710

Current portion of operating lease obligations	$	372		$	N/A
Long-term operating lease obligations, less current portion	$	1,149		$	N/A
Current portion of finance lease obligations	$	N/A		$	227
Long-term finance lease obligations, less current portion	$	N/A		$	483

Supplemental cash flow and other information related to our leases were as follows for the three and nine months ended September 30, 2025, and 2024 (in thousands):

	2025		2024		2025		2024
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow used in operating leases	$	125	$	119	$	361	$	415
Operating cash flow used in finance leases	$	24	$	20	$	72	$	63
Financing cash flow used in finance leases	$	80	$	72	$	228	$	218

ROU assets obtained in exchange for lease obligations for:
Finance liabilities	$	30	$	—	$	162	$	—
Operating liabilities	$	—	$	—	$	—	$	497

Reduction to ROU assets resulting from purchase of underlying asset:
Operating liabilities	$	—	$	404	$	—	$	404

The reduction in ROU for the three and nine months ended September 30, 2024, as noted above was the result of the Company’s purchase of its Oak Ridge Environmental Waste Operations Center (“EWOC”) property which was previously accounted for under its operating leases.