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OPERATING LEASE COMMITMENTS | 12 Months Ended
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Dec. 31, 2024
OPERATING LEASE COMMITMENTS |
OPERATING LEASE COMMITMENTS | NOTE 6 – OPERATING LEASE COMMITMENTS We have commitments under non-cancellable operating leases and other agreements, primarily for factory and office space, with initial or remaining terms of one year or more for the year ending December 31 are as follows:
|  | Dec. 31, 2024 Operating Lease Commitments |
(in thousands) |  |  |
2025 |  | $ | 759 |
2026 |  |  | 757 |
2027 |  |  | 683 |
2028 |  |  | 433 |
2029 & thereafter |  |  | 369 |
Total |  | $ | 3,001 |
Less imputed interest |  |  | (297 | )
Total operating lease liabilities |  | $ | 2,704 |
Payments for operating lease liabilities for the twelve months ending December 31, 2024 and 2023, respectively, were $833,000 and $894,000 which included short-term lease costs of $38,000 and $25,000. The total annual lease expense in 2024 and 2023, including operating lease expenses and short-term lease expenses, was approximately $845,000 and $745,000, respectively. Variable payments were not material and were treated as non-lease components and were recognized in the period for which the costs occur. For the largest lease component, the company has three facilities with our headquarters and primary engineering and operational functions located in Redmond, Washington. Our two subsidiary facilities in Munich, Germany and Shanghai, China provide extended worldwide sales, service, engineering and operations services. The total annual gross or base lease payments during 2024 and 2023 were approximately $795,000 and $823,000, respectively. The lease payment decrease in 2024 was due primarily to a reduction in lease rates for our Redmond, Washington and Shanghai, China facilities. The lower rates reflect the real estate market conditions as part of the lease extensions which occurred in the fourth quarter of 2024. The Redmond lease was renewed and extended by 3.75 years and the Shanghai, China lease was renewed and extended by 3 years. The Redmond, Washington headquarters facility lease runs to October 31, 2029, at approximately 20,460 square feet. The lease for the facility located in Shanghai, China runs to October 31, 2027, at approximately 19,400 square feet. The lease for the facility located near Munich, Germany runs to August 2027, at approximately 4,895 square feet. The following table presents supplemental balance sheet information related to leases as of December 31, 2024 and 2023:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
(in thousands) |  |  |  |  |  |
Right-of-use assets (Long-term other assets) |  | $ | 2,704 |  |  | $ | 1,363 |
Lease liability-short term (Other accrued liabilities) |  | $ | 640 |  |  | $ | 798 |
Lease liability-long term (Operating lease liabilities) |  | $ | 2,064 |  |  | $ | 703 |
At December 31, 2024, the weighted average remaining lease term is 4.1 years and the weighted average discount rate used is 5%.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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