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

11. Lease Liability

 

The Company has operating leases predominantly for operating facilities. As of September 30, 2025, the remaining lease terms on our operating leases range from less than one to nine years. Renewal options to extend our leases have not been exercised due to uncertainty. Termination options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants. There are no significant finance leases as of September 30, 2025.

 

 

Future minimum lease payments as of September 30, 2025 are as follows:

 

Maturity of Lease Liability:

 

    Totals  
2025   $ 210,000  
2026     839,000  
2027     808,000  
2028     824,000  
2029     840,000  
Thereafter     4,074,000  
Total lease payments     7,595,000  
Less: Imputed Interest     (1,141,000 )
Present value of remaining lease payments   $ 6,454,000  
         
Current   $ 602,000  
Noncurrent   $ 5,852,000  
         
Weighted-average remaining lease term (years)     8.9  
         
Weighted-average discount rate     3.8 %

 

Total cash paid for leases during the nine months ended September 30, 2025 and 2024 approximated $651,000 and $786,000, respectively.