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Leases

9 Months Ended

Sep. 30, 2024

Leases

Leases

Note 8 – Leases

Operating Leases

For the three and nine months ended September 30, 2024 and 2023, operating lease expense payments were $264,854 and $794,561, respectively and $267,745 and $791,558, respectively. Operating lease expense payments are included in general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss.

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(UNAUDITED)

Note 8 – Leases-Continued

As of September 30, 2024 and December 31, 2023, balance sheet information related to the Company’s operating leases is as follows:

 Schedule of Company's Operating Leases

Balance Sheet Location		September 30, 2024				December 31, 2023
Right-of-use-assets		$	2,863,417			$	3,525,406
Current portion of lease liabilities		$	950,709			$	901,925
Long-term portion lease liabilities		$	2,006,920			$	2,721,743

As of September 30, 2024, scheduled future maturities of the Company’s lease liabilities are as follows:

 Schedule of Future Maturities Lease Liabilities

Year Ending December 31,
2024 (rest of year)		$	274,373
2025			1,101,905
2026			880,082
2027			794,458
2028			198,615
Total future minimum lease payments, undiscounted			3,249,433
Less: Amount representing interest			(291,804	)
Present value of future minimum lease payments		$	2,957,629
Present value of future minimum lease payments – current		$	950,709
Present value of future minimum lease payments – long-term		$	2,006,920

As of September 30, 2024 and December 31, 2023, the weighted-average lease-term and discount rate of the Company’s leases are as follows:

 Schedule of Weighted Average Lease-term and Discount Rate Leases

Other Information		September 30, 2024				December 31, 2023
Weighted-average remaining lease terms (in years)			3.2				3.9
Weighted-average discount rate			6.1	%			6.1	%

For the three months and nine months ended September 30, 2024 and 2023, supplemental cash flow information related to leases is as follows:

 Schedule of Cash Flow Supplemental Information

Other Information		2024				2023				2024				2023
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
Other Information		2024				2023				2024				2023
Cash paid for amounts included in the measurement of liabilities: Operating cash flows for operating leases		$	264,854			$	262,445			$	794,561			$	790,783

AGEAGLE AERIAL SYSTEMS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(UNAUDITED)

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- References

No definition available.

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- Definition

The entire disclosure for lessor's operating leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-30/tableOfContent

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