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LEASES | 3 Months Ended
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Mar. 31, 2026
Leases |
LEASES | NOTE 7—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, as well as a tenant improvement allowance of up to $14,000 for qualifying alterations if 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. Operating lease payments for the three-month periods ended March 31, 2026 and 2025 was $57,000 and $32,000. The present value of future minimum lease payments on non-cancelable operating leases as of March 31, 2026 using a discount rate of 6.0% is $1,001,000. The 6.0% discount rate used is the incremental borrowing rate (established at the commencement of the lease), which, as defined in ASC 842: Leases, is the rate of interest that a lessee would have 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. Supplemental cash flow information related to leases consisted of the following (in thousands): SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO LEASES
|  | For the three months ending March 31, |
|  | 2026 |  |  | 2025 |
Cash paid for operating lease liabilities |  | $ | 57 |  |  | $ | 32 |
Supplemental balance sheet information related to leases consisted of the following: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
|  | As of March 31, 2026 |
Weighted average remaining lease terms for operating leases |  |  | 4.67 |
The table below reconciles the undiscounted future minimum lease payments under non-cancellable 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 March 31, 2026 (in thousands): SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS
|  | Year ended March 31, |
2027 |  |  | 218 |
2028 |  |  | 242 |
2029 |  |  | 251 |
2030 |  |  | 261 |
2031 |  |  | 179 |
Total undiscounted cash flows |  | $ | 1,151 |
Less: Imputed interest |  |  | (150 | )
Present value of operating lease liabilities (a) |  | $ | 1,001 |
| (a) | Includes current portion of $163,000 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. This sublease was amended on August 15, 2025 to extend the term through September 30, 2028 and to provide a monthly sublease payment of $3,374 (plus an annual escalator each year of 4%) 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. For the three-month period ended March 31, 2026, after the offset of investment in leasehold improvements and other expenses related to the sublease, the total amount paid to our landlord under the sublease was $1,672. Below are the future gross payments expected to be received by the Company under the sublease (in thousands): SCHEDULE OF SUBLEASES
|  | Year ended March 31, |
2027 |  |  | 41 |
2028 |  |  | 43 |
2029 |  |  | 22 |
Total undiscounted cash flows |  | $ | 106 |

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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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