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Fixed Assets, Net

12 Months Ended

Dec. 31, 2024

Fixed Assets, Net

Fixed Assets, Net

Note 3 – Fixed Assets, Net

Fixed Assets, Net

​

Fixed assets, net are summarized as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2024			2023
Office furniture and equipment	​	$	99	​	$	60
Leasehold improvements	​		43	​		43
​	​	​	142	​	​	103
Accumulated depreciation and amortization	​		(85)	​		(63)
​	​	​	57	​	​	40
Operating lease ROU assets, net	​	​	181	​	​	235
Total	​	$	238	​	$	275

​

Depreciation expense for the years ended 2024 and 2023 totaled $21 thousand and $152 thousand, respectively. In the year ended December 31, 2023, we recorded an impairment of $81 thousand for machinery and equipment, specifically demonstration burners. These burners were capitalized at $209 thousand and, at the time of impairment, the associated accumulated depreciation amounted to $128 thousand. There were no similar impairments in the year ended December 31, 2024.

Leases

​

The Company leases office space in Tulsa, Oklahoma, Seattle, Washington and Beijing, China. During years ended December 31, 2024 and 2023, the Company renewed its Beijing, China lease for 13 months with monthly rent at approximately $3 thousand. As a

result of these renewals, the Company increased the right of use (“ROU”) asset and lease liability by $32 thousand and $34 thousand during the years ended December 31, 2024 and 2023, respectively.

​

The Company exited our long term Seattle operating lease on September 30, 2023. During October 2023, the Company entered into a sub-lease agreement to rent office space in Seattle for approximately $2 thousand per month for twelve months. We renewed the twelve month Seattle sub-lease during October 2024 with substantially the same terms. The Seattle lease is considered a short-term lease, as the lease term is 12 months or less from the commencement date. The short-term lease expense was $22 thousand and $5 thousand for the years ended December 31, 2024 and 2023, respectively. The Tulsa and Beijing leases are classified as operating leases, with remaining terms ranging from less than twelve months to approximately three years; contractual language requires renewal negotiations to occur at or near termination. These leases are normal and customary for office space, in that, contractual guarantees exist requiring the lessee return the premises to its original functional state. During the years ended December 31, 2024 and 2023, the Company incurred restoration expenses of zero and $33 thousand, respectively.

​

The Tulsa lease contains fixed annual lease payments that increase annually by 2%. The Seattle, Tulsa, and Beijing total monthly minimum rent is approximately $10 thousand. Operating lease costs for the years ended December 31, 2024 and 2023 were $97 thousand and $141 thousand, respectively.

​

Supplemental balance sheet information related to operating leases is as follows:

​

​	​	​	​	​	​	​	​
​	​	​	December 31,	​	​	December 31,	​
(in thousands)	​	​	2024	​	​	2023	​
Operating lease ROU assets, net	​	$	181	​	$	235	​
Lease Liabilities:	​	​	​	​	​	​	​
Current lease liabilities	​	$	75	​	$	71	​
Long term lease liabilities	​	​	113	​	​	172	​
Total lease liabilities	​	$	188	​	$	243	​
​	​	​	​	​	​	​	​
Weighted average remaining lease term (in years):	​		2.6	​	​	2.4	​
Weighted average discount rate:	​		5.3	%	​	5.2	%

​

Supplemental cash flow information related to operating leases is as follows:

​

​	​	​	​	​	​	​
​	​	For the Year Ended
​	​	December 31,
(in thousands)	​	​	2024	​	​	2023
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​
Operating cash flows used in operating leases	​	$	98	​	$	158
Non-cash impact of new leases and lease modifications	​	​	​	​	​	​
Change in operating lease liabilities	​	$	29	​	$	25
Change in operating lease ROU assets	​	$	32	​	$	39

​

Minimum future payments under the Company’s operating lease liabilities as of December 31, 2024 are as follows:

​

​

​	​	​	​
​		Payments
​	​	due under
(in thousands)	​	lease
​	​	agreements
2025		$	82
2026		​	67
2027	​	​	52
Total future lease payments	​	​	201
Less: imputed interest	​	​	(13)
​	​	$	188

​

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

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