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LEASES | 3 Months Ended
--- | ---
Mar. 31, 2025
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 one1 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 March 31, 2025, we have $563 of future lease commitments under the above noted interim funding agreement which will be converted into finance leases when all of the underlying equipment is received and operational in 2025. We have financing leases for certain property and equipment used in the normal course of business. The components of lease expense were as follows: SCHEDULE OF COMPONENTS OF LEASE EXPENSE
Lease Cost |  | 2025 |  |  | 2024 |
|  | Three Months Ended March 31, |
Lease Cost |  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 565 |  |  | $ | 596 |
Finance lease interest cost |  |  | 6 |  |  |  | 7 |
Finance lease amortization expense |  |  | 42 |  |  |  | 131 |
Total lease cost |  | $ | 613 |  |  | $ | 734 |
Supplemental condensed consolidated balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL CONDENSED CONSOLIDATED BALANCE SHEETS INFORMATION RELATED TO LEASES
|  | Balance Sheet Location |  | March 31, 2025 |  |  | December 31, 2024 |
Assets |  |  |  |  |  |  |  |  |  |
Finance lease assets |  | Property, plant and equipment |  | $ | 369 |  |  | $ | 411 |
Operating lease assets |  | Operating lease assets |  |  | 7,831 |  |  |  | 8,139 |
Total leased assets |  |  |  | $ | 8,200 |  |  | $ | 8,550 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Current operating lease liabilities |  | Current portion of operating lease obligations |  | $ | 1,187 |  |  | $ | 1,175 |
Current finance lease liabilities |  | Current portion of finance lease obligations |  |  | 121 |  |  |  | 143 |
Noncurrent |  |  |  |  |  |  |  |  |  |
Long-term operating lease liabilities |  | Long term operating lease liabilities, net |  |  | 7,462 |  |  |  | 7,773 |
Long term finance lease liabilities |  | Long term finance lease obligations, net |  |  | 281 |  |  |  | 311 |
Total lease liabilities |  |  |  | $ | 9,051 |  |  | $ | 9,402 |
Supplemental condensed consolidated statements of cash flows information for the three months ended March 31, 2025 and 2024 related to leases was as follows: SCHEDULE OF SUPPLEMENTAL CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
|  | March 31, |  |  | March 31, |
|  | 2025 |  |  | 2024 |
Operating Leases |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 433 |  |  | $ | 459 |
Property acquired under operating lease |  | $ | - |  |  | $ | 719 |
Future annual payments of lease liabilities as of March 31, 2025 were as follows: SCHEDULE OF FUTURE PAYMENTS OF LEASE LIABILITIES
|  | Operating Leases |  |  | Finance Leases |  |  | Total |
Remainder of 2025 |  | $ | 1,368 |  |  | $ | 141 |  |  | $ | 1,509 |
2026 |  |  | 1,859 |  |  |  | 149 |  |  |  | 2,008 |
2027 |  |  | 1,570 |  |  |  | 60 |  |  |  | 1,630 |
2028 |  |  | 1,569 |  |  |  | 60 |  |  |  | 1,629 |
2029 |  |  | 986 |  |  |  | 44 |  |  |  | 1,030 |
Thereafter |  |  | 4,670 |  |  |  | - |  |  |  | 4,670 |
Total lease payments |  | $ | 12,022 |  |  | $ | 454 |  |  | $ | 12,476 |
Less: imputed interest |  |  | (3,373 | ) |  |  | (52 | ) |  |  | (3,425 | )
Present value of lease liabilities |  | $ | 8,649 |  |  | $ | 402 |  |  | $ | 9,051 |
The lease term and discount rate as of March 31, 2025 and 2024 were as follows: SCHEDULE OF LEASE TERM AND DISCOUNT RATE
Weighted-average remaining lease term (years) |  | March 31, 2025 |  | March 31, 2024 |
Operating leases |  |  | 7.6 |  |  |  | 7.9 |
Finance leases |  |  | 3.3 |  |  |  | 1.7 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 7.8 | % |  |  | 8.1 | %
Finance leases |  |  | 5.7 | % |  |  | 5.3 | %

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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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