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Leased Right-of-Use Assets, net | 12 Months Ended
--- | ---
Dec. 31, 2024
Leased Right-of-use Assets Net |
Leased Right-of-Use Assets, net | Note 7: Leased Right-of-Use Assets, net Leased right-of-use assets consisted of the following (in thousands):
Schedule of leased right of use assets |  |  |  |  |  |  |  |
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Operating Lease |  |  |  |  |  |  |  |
Office Lease Assets |  | $ | 9,437 |  |  | $ | 9,437 |
Accumulated Amortization |  |  | (2,740 | ) |  |  | (1,935 | )
Finance Lease |  |  |  |  |  |  |  |
Equipment Lease Assets |  |  | 4,214 |  |  |  | 5,360 |
Accumulated Amortization |  |  | (3,643 | ) |  |  | (3,302 | )
Right-of-Use Assets, Gross |  |  | 7,268 |  |  |  | 9,560 |
Foreign Currency Translation Adjustment |  |  | (1,143 | ) |  |  | (617 | )
Leased Right-of-Use Assets, net |  | $ | 6,125 |  |  | $ | 8,943 |
Refer to Note 19 for details on the Company’s lease commitments. As of December 31, 2024, the weighted-average lease term for the Company’s operating leases was 73 months and the weighted-average discount rate was 11.1%. As of December 31, 2023, the weighted-average lease term for operating leases was 83 months and the weighted-average discount rate was 11.1%. Operating lease costs during the years ended December 31, 2024 and December 31, 2024 were $1.6 million and $1.6 million, respectively, recorded within General and Administrative Expenses on the Company’s consolidated statements of operations. On August 2, 2023, Beacon Media, signed a Termination of Lease Agreement (the “Lease Termination”), effective August 1, 2023 (the “Effective Date”), related to the office space in Lyndhurst, NJ. The Lease Termination requires Beacon Media to pay an aggregate of $0.1 million in consideration for terminating the lease. The Company wrote off the ROU asset, lease liability, prepaid deposit and fixed assets on the Effective Date. Including fees, the Company recorded a total loss on lease termination of $0.3 million within Other Income (Expense), net on the Company’s consolidated statement of operations during the year ended December 31, 2023. Effective November 1, 2023, the Company’s Vancouver office lease was modified and the landlord abated rent payments for November 1, 2023 and December 1, 2023 (CAD 0.2 million) and deferred January–April 2024 rent (CAD 0.4 million), to be repaid in 8 equal installments of CAD 0.1 million starting May 1, 2024. Additionally, the landlord may terminate the lease with at least twelve months’ notice. The Company accounted for the changes as a lease modification under ASC 842, remeasuring the lease liability using an 11.7% discount rate. As of November 1, 2023, the remeasured lease liability was $5.4 million (CAD 7.1 million), with a $0.2 million (CAD 0.3 million) reduction to the right-of-use asset. During the year ended December 31, 2024 the Company recorded finance lease costs of $1.7 million comprised of ROU amortization of $1.6 million and $0.1 million of interest accretion. During the year ended December 31, 2023 the Company recorded finance lease costs of $2.1 million comprised of ROU amortization of $1.9 million and $0.2 million of interest accretion. ROU amortization is recorded within General and Administrative Expenses and accretion of interest expense is recorded within Other Income (Expense), net on the Company’s consolidated statements of operations.

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