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Note 9 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 9 – Commitments and Contingencies

Leases

On January 1, 2026, a lease commenced for a 33,144 square foot space located in Allen, Texas. The lease term ends January 31, 2031 with one optional extension of sixty months. Monthly rental payments required over the lease term range from $36,597 - $42,813 with annual increases of 3.75% commencing on February 1st of each year. The first month of rent was abated and a $165,720 tenant improvement allowance was provided by the landlord. The lease required a security deposit of $162,000 and a standby letter of credit of $165,720. The lease is classified as an operating lease under ASC 842. At the lease commencement, the Company recognized a right-of-use asset and operating lease liability of $2,008,598, based on present value of future lease payments over the lease term. The Company used an incremental borrowing rate of 6.43% in determining the present value of lease payments.

As a result of the senseFly acquisition, the Company assumed the operating leases for office spaces in Raleigh, North Carolina and Lausanne, Switzerland. The operating lease in Raleigh expired in July 2023 and the operating lease in Lausanne was set to expire in April 2023. The Company was required to notify the landlord of its intention to not renew the lease in March 2022. The Company neglected to provide such notification, therefore, a five year renewal option was automatically triggered in March 2022. The Lausanne lease is now set to expire in April 2028. The estimated cash rent payments due through the expiration of this operating lease total approximately $1,350,118.

The Company has an operating lease in Wichita, Kansas, which served as its corporate offices. The lease commencement date was November 1, 2023, and will expire on October 31, 2026, unless sooner terminated or extended. The estimated cash rent payments due through the expiration of this operating lease total $46,669.

As of March 31, 2026 and December 31, 2025, balance sheet information related to the Company’s operating leases is as follows:


Balance Sheet Location		*March 31, 2026*				*December 31, 2025*
Right-of-use assets		$	3,551,069			$	1,869,589
Current portion of operating lease liability		$	1,137,611			$	849,599
Long-term portion of operating lease liability		$	2,457,247			$	1,024,878

As of March 31, 2026, scheduled future maturities of the Company’s lease liabilities are as follows:

Year Ending December 31,
2026 (remaining)		$	1,036,102
2027			1,292,325
2028			682,737
2029			492,410
2030			512,106
Thereafter			42,814
Total future minimum lease payments, undiscounted			4,058,494
Less: Amount representing interest			(463,636	)
Present value of future minimum lease payments			3,594,858
Present value of future minimum lease payments – current			1,137,611
Present value of future minimum lease payments – long-term		$	2,457,247

As of March 31, 2026 and December 31, 2026, the weighted-average lease-term and discount rate of the Company’s leases are as follows:

Other Information		March 31, 2026				March 31, 2025
Weighted-average remaining lease terms (in years)			3.50				2.20
Weighted-average discount rate			6.2	%			6.1	%

For the three months ended March 31, 2026 and 2025, supplemental cash flow information related to leases is as follows:

Other Information		March 31, 2026				March 31, 2025
Cash paid for amounts included in the measurement of liabilities: Operating cash flows for operating leases		$	325,512			$	261,222

Legal Matters

We note that in the ordinary course of business that we may be the subject of, or party to, various pending or threatened legal actions which could result in a material adverse outcome for which the related damage may not be estimable. We do not believe any legal action would have a significant impact on the financials. However, there is inherent uncertainty regarding such matters.

Purchase Commitments

The Company routinely places orders for manufacturing services and materials. As of March 31, 2026, the Company had purchase commitments of $2,193,867.