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Leased Right-of-Use Assets, net

3 Months Ended

Mar. 31, 2025

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
	March 31, 2025			December 31, 2024
Operating Lease
Office Lease Assets	$	9,437		$	9,437
Accumulated Amortization		(2,957	)		(2,740	)

Finance Lease
Equipment Lease Assets		4,214			4,214
Accumulated Amortization		(3,706	)		(3,643	)

Right-of-Use Assets, Gross	$	6,988		$	7,268

Foreign Currency Translation Adjustment		(1,117	)		(1,143	)

Leased Right-of-Use Assets, net	$	5,871		$	6,125

As of March 31, 2025, the weighted-average lease term for the Company’s operating leases was 70 months and the weighted-average discount rate was 11.1%. As of December 31, 2024, the weighted-average lease term for operating leases was 73 months and the weighted-average discount rate was 11.1%.

Operating lease costs during the three months ended March 31, 2025 and 2024 were $0.4 million and $0.4 million, respectively, recorded within General and Administrative Expenses on the Company’s condensed consolidated statements of operations.

During the three months ended March 31, 2025, the Company recorded finance lease costs of $0.1 million primarily comprised of ROU amortization of $0.1 million. During the three months ended March 31, 2024, the Company recorded finance lease costs of $0.4 million primarily comprised of ROU amortization. ROU amortization is recorded within General and Administrative Expenses and accretion of interest expense is recorded within Other Expense, net on the Company’s condensed consolidated statements of operations.