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Leases
 12 Months Ended
Dec. 31, 2024
Leases  
Leases

11. Leases

 

We enter into lease contracts for certain of our facilities at two locations. Our leases have remaining lease terms of three and six years. On December 18th, 2024, our lease agreement for the Elgin facility was extended through December 31st, 2028.

 

The table below describes our lease position as of December 31, 2024, and 2023:

 

Operating Leases  2024   2023 
Right of use assets  $3,950,000   $3,364,000 
Lease Liabilities - Current  $480,000   $522,000 
Lease Liabilities – Long Term  $3,470,000   $2,842,000 

 

During the years ended December 31, 2024 and 2023, we recorded operating lease expenses to general and administrative expense of $1,030,000 and $1,074,000, respectively.

 

At December 31, 2024, maturities of operating lease liabilities are as follows: 

  

      
2025  $1,003,000 
2026   1,048,000 
2027   1,083,000 
2028   1,119,000 
2029   627,000 
Thereafter   864,000 
Total Lease Payments   5,744,000 
Less: Imputed interest   (1,794,000)
Total Lease Liabilities  $3,950,000 

  

As of December 31,2024, the weighted average remaining lease term and weighted average discount rate for our operating leases are 5.5 years and 14.15%, respectively. We calculated the weighted-average discount rate using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis

over a similar term.

 

See report of independent registered public accounting firm and notes to consolidated financial statements.