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Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases

11. Leases

 

The Company currently has an operating lease liability relating to its facilities in Kuala Lumpur, Malaysia. The Company terminated its lease agreement for its previous headquarters in Berkely Heights, New Jersey, effective January 31, 2025. Following the acquisition of Fitters Sub on September 12, 2025, the Company has three additional facilities in Malaysia, all on short term lease agreements.

 

For the nine months ended September 30, 2025, and 2024, the Company recognized operating lease expenses of $6,631 and $57,178 respectively, including $2,166 and $9,097 respectively relating to short term lease agreements for facilities in Scotland and Malaysia. Cash payments made during the nine months ended September 30, 2025, and 2024 totaled $8,797 and $38,058, respectively, and were presented within cash outflows from operating activities. The remaining lease term as of September 30, 2025, is approximately 1.4 years for the Kuala Lumpur facility. The discount rate used by the Company in determining the lease liability was 12%.

 

Remaining lease payments for the facilities are as follows (in $000s):

 

     
2025  $9 
2026   17 
2027   2 
Thereafter   — 
Total future minimum lease obligation  $28