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Leases
 9 Months Ended
Sep. 30, 2025
Leases  
Leases

(10) Leases

 

The following was included in our balance sheet as of September 30, 2025:

  

   September 30, 
  2025 
Operating leases    
Assets     
ROU operating lease assets  $3,997,574 
      
Liabilities     
Current portion of operating lease  $486,269 
Operating lease, net of current portion  $3,768,871 
Total operating lease liabilities  $4,255,140 
      
Financing leases     
Assets     
Property and equipment, gross  $80,426 
 Accumulated depreciation   (38,499)
Property and equipment, net  $41,927 
      
Liabilities     
Current portion of financing lease  $17,373 
Financing lease, net of current portion  $25,901 
Total financing lease liabilities  $43,274 

 

 

AmpliTech Group, Inc.

Notes To Condensed Consolidated Financial Statements

For the Nine Months Ended September 30, 2025 and 2024

 

The weighted average remaining lease term and weighted average discount rate at September 30, 2025 are as follows:

  

Weighted average remaining lease term (years) 

Sept. 30,

2025

 
Operating leases   7.25 
Financing leases   2.79 
Weighted average discount rate     
Operating leases   6.33%
Financing leases   7.39%

 

Operating Leases

 

On October 15, 2021, the Company entered a new lease for a 20,000 square foot facility at 155 Plant Avenue, Hauppauge, New York, for a term of seven years and two months. The yearly base rent of $346,242 shall increase at a rate of 2.75% per year to begin on the first anniversary lease commencement date and each year thereafter. The first two months of basic rent shall be abated following the commencement lease date. In the event the landlord decides to sell the property, the Company shall have the right of first offer to purchase subject property. Upon lease execution, the Company paid two months of base rent as a security deposit and one month’s rent totaling $86,560. The Company moved into the new manufacturing and headquarters facility April 1, 2022.

 

On December 15, 2021, the Company assumed the SSM lease agreement for office and warehouse space in San Jose, CA, with the same terms and conditions. Effective February 1, 2020, the lease term will expire on January 31, 2025, with a base rent of $24,234 for the first 12 months and increases by approximately 3% every year. On September 6, 2024, the lease was amended extending the lease term to March 31, 2030 while maintaining the base rent of $24,234 and 3% increases for each year thereafter.

 

On August 9, 2023, the Company entered a 39-month agreement for $20,880 to lease an automobile with a monthly payment of $605.

 

On January 15, 2024, the Company entered a triple net lease agreement for a 1,900 square foot facility in Allen, Texas for a term of five years and one month. The yearly base rent of $53,675 shall increase at a rate of 2.5% per year to begin on the first anniversary lease commencement date and each year thereafter. The first month’s rent shall be abated following the commencement lease date. Upon lease execution, the Company paid two months of rent as a security deposit and one month’s rent totaling $17,999. The Company moved into the new facility on August 1, 2024.

 

 

AmpliTech Group, Inc.

Notes To Condensed Consolidated Financial Statements

For the Nine Months Ended September 30, 2025 and 2024

 

The following table reconciles future minimum operating lease payments to the discounted lease liability as of September 30, 2025:

  

      
2025  $182,172 
2026   743,301 
2027   757,493 
2028   779,311 
2029   781,351 
Thereafter   1,980,929 
Total lease payments   5,224,557 
Less imputed interest   (969,417)
Total lease obligations   4,255,140 
Less current obligations   (486,269)
Long-term lease obligations  $3,768,871   

 

Financing Lease

 

The Company entered into several 60-month lease agreements to finance certain laboratory and office equipment. As such, the Company has accounted for these transactions as a financing lease.

 

The following table reconciles future minimum financing lease payments to the discounted lease liability as of September 30, 2025:

  

      
2025  $5,019 
2026   20,082 
2027   12,094 
2028   8,100 
2029   3,375 
Total lease payments   

48,670

 
Less imputed interest   (5,396)
Total lease obligations   43,274 
Less current obligations   (17,373)
Long-term lease obligations  $25,901 

 

 

AmpliTech Group, Inc.

Notes To Condensed Consolidated Financial Statements

For the Nine Months Ended September 30, 2025 and 2024