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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases |
LEASES | NOTE 5. LEASES We have operating leases for certain manufacturing sites, office space, and equipment. Most leases include the option to renew, with renewal terms that can extend the lease term from one to five years or more. Right-of-use lease assets and lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods we are reasonably certain to exercise. Our leases do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2024, we do not have material lease commitments that have not commenced. We have financing leases for certain property and equipment used in the normal course of business. The components of lease expense were as follows for the years ended December 31: SCHEDULE OF COMPONENTS OF LEASE EXPENSE
Lease Cost |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 2,318 |  |  | $ | 2,290 |
Finance lease interest cost |  |  | 25 |  |  |  | 39 |
Finance lease amortization expense |  |  | 451 |  |  |  | 727 |
Total lease cost |  | $ | 2,794 |  |  | $ | 3,056 |
Supplemental balance sheets information related to leases was as follows as of December 31: SCHEDULE OF SUPPLEMENTAL CONDENSED CONSOLIDATED BALANCE SHEETS INFORMATION RELATED TO LEASES
|  | Balance Sheets Location |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 8,139 |  |  | $ | 6,917 |
Finance lease assets |  | Property, plant and equipment |  |  | 411 |  |  |  | 636 |
Total leased assets |  |  |  | $ | 8,550 |  |  | $ | 7,553 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Current operating lease liabilities |  | Current portion of operating lease obligations |  | $ | 1,175 |  |  | $ | 1,033 |
Current finance lease liabilities |  | Current portion of finance lease obligations |  |  | 143 |  |  |  | 356 |
Noncurrent |  |  |  |  |  |  |  |  |  |
Long-term operating lease liabilities |  | Long term operating lease liabilities, net |  |  | 7,773 |  |  |  | 6,763 |
Long term finance lease liabilities |  | Long term finance lease obligations, net |  |  | 311 |  |  |  | 209 |
Total lease liabilities |  |  |  | $ | 9,402 |  |  | $ | 8,361 |
Supplemental cash flow information related to leases was as follows for the years ended December 31: SCHEDULE OF SUPPLEMENTAL CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
|  | 2024 |  |  | 2023 |
Operating Leases |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 1,821 |  |  | $ | 1,792 |
Operating lease assets obtained in exchange for lease obligations |  | $ | 2,336 |  |  | $ | 261 |
The operating lease assets obtained in exchange for lease obligations in the year ended December 31, 2024 was largely due to the renewal of our lease in Maple Grove and Milaca, Minnesota, as well as leasing of additional space in our Suzhou, China facility. Future maturities of lease liabilities were as follows: SCHEDULE OF FUTURE PAYMENTS OF LEASE LIABILITIES
|  | Operating Leases |  |  | Finance Leases |  |  | Total |
|  | Operating Leases |  |  | Finance Leases |  |  | Total |
2025 |  | $ | 1,842 |  |  | $ | 165 |  |  | $ | 2,007 |
2026 |  |  | 1,857 |  |  |  | 168 |  |  |  | 2,025 |
2027 |  |  | 1,570 |  |  |  | 60 |  |  |  | 1,630 |
2028 |  |  | 1569 |  |  |  | 60 |  |  |  | 1,629 |
2029 |  |  | 986 |  |  |  | 44 |  |  |  | 1,030 |
Thereafter |  |  | 4,670 |  |  |  | - |  |  |  | 4,670 |
Total lease payments |  | $ | 12,494 |  |  | $ | 497 |  |  | $ | 12,991 |
Less: interest |  |  | (3,546 | ) |  |  | (43 | ) |  |  | (3,589 | )
Present value of lease liabilities |  | $ | 8,948 |  |  | $ | 454 |  |  | $ | 9,402 |
The lease term and discount rate as of December 31, 2024 were as follows: SCHEDULE OF LEASE TERM AND DISCOUNT RATE
Weighted-average remaining lease term (years) |  |  |
Operating leases |  |  | 7.7 |
Finance leases |  |  | 3.4 |
Weighted-average discount rate |  |  |  |
Operating leases |  |  | 7.7 | %
Finance leases |  |  | 5.7 | %

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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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