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LEASES | 6 Months Ended
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Jun. 30, 2025
Leases |
LEASES | NOTE 6—LEASES OmniMetrix leases office space and office equipment under operating lease agreements. The office lease, originally set to expire on September 30, 2025, was amended on June 20, 2025, to extend the lease term through November 30, 2030. The amendment also includes scheduled increases in monthly base rent and provides for conditional rent abatement for October and November 2025, as well as a tenant improvement allowance of up to $14,000 for qualifying alterations completed by September 30, 2026. The Company concluded the amendment constitutes a modification event under ASC 842 and the Company reassessed and remeasured the lease. The Company remeasured the lease payments based on the updated lease term, incremental borrowing rate and adjusted the right of use asset and lease liability accordingly. The lease was determined to still represent an operating lease. The present value of future minimum lease payments on non-cancelable operating leases as of June 30, 2025 using a discount rate of 6.0% is $1,063,000. The 6.0% discount rate used is the estimated incremental borrowing rate when the lease was entered into, which, as defined in ASC 842: Leases, is the rate of interest that a lessee would have had to pay to borrow, on a collateralized basis, over a similar term and in a similar economic environment, an amount equal to the lease payments. Operating lease cost for the six-month periods ended June 30, 2025 and 2024 were $68,000 and $64,000, respectively. Operating lease cost for the three-month periods ended June 30, 2025 and 2024 were $36,000 and $32,000, respectively. Supplemental cash flow information related to leases consisted of the following (in thousands): SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES
|  | For the Six Months Ending June 30, |
|  | 2025 |  |  | 2024 |
Cash paid for operating lease liabilities |  | $ | 66 |  |  | $ | 64 |
Supplemental balance sheet information related to leases consisted of the following: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
|  | As of June 30, 2025 |
Weighted average remaining lease terms for operating leases |  |  | 5.42 |
The table below reconciles the undiscounted future minimum lease payments under non-cancelable lease agreements having initial terms of more than one year to the total operating lease liabilities recognized on the unaudited condensed consolidated balance sheet as of June 30, 2025 (in thousands): SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS
|  | Year ended June 30, |
2026 |  | $ | 152 |
2027 |  |  | 234 |
2028 |  |  | 244 |
2029 |  |  | 254 |
2030 |  |  | 264 |
Thereafter |  |  | 113 |
Total undiscounted cash flows |  |  | 1,261 |
Less: Imputed interest |  |  | (198 | )
Present value of operating lease liabilities (a) |  | $ | 1,063 |
| (a) | Includes current portion of $90,000 for operating leases.
On July 6, 2021, the Company entered into an agreement with King Industrial Realty, Inc., to sublease from the Company 1,900 square feet of office space of the Company’s 21,000 square feet of office and production space in the Hamilton Mill Business Park located in Buford, Georgia, for a monthly sublease payment of $2,375 (plus an annual escalator each year of 3%) which includes the base rent plus a pro-rata share of utilities, property taxes and insurance. Fifty percent of any excess rent received above the per square foot amount that the Company pays is remitted to the Company’s landlord less the allocation of any shared expenses and leasehold improvements specific to the sublease. As of June 30, 2025, after the offset of the investment in leasehold improvements and other expenses related to the sublease, the landlord’s allocation of Company’s sublease receipts is $22,000 since the inception of the lease. The Company has paid a total of $16,000 for its share of the sublease profit since the lease commencement. The sublease commenced on October 1, 2021 and will run through September 30, 2025 which is the end of the Company’s original lease term with its landlord. The Company is currently negotiating the extension of the sublease with the tenant. Below are the future payments expected under the sublease, net of the estimated service cost of $2,000 through September 30, 2025, which is the end of the current term of the sublease (gross of the estimated amount expected to be remitted to our landlord) (in thousands): SCHEDULE OF SUBLEASES
|  | Year ended June 30, |
2026 |  | $ | 7 |

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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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