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Leases
3 Months Ended
Mar. 31, 2025
Leases  
Leases

6. Leases

 

Rent expense is recognized on a straight-line basis over the period of the lease taking into account future rent escalation and holiday periods. 

 

Rent expense for three months ended March 31, 2025 and 2024 was as follows: 

 

 

 

Three months ended March 31,


 

 

2025

 

 

2024


Rent expense

 

$

112

 

 

$

109


The Company occupies a 1,350 square-foot facility in Gainesville, Florida under the terms of an operating lease expiring in February 2028The Gainesville facility is used primarily to support the Company's research and development activities. 

 

The Company occupies a 9,402 square-foot facility in Salt Lake City, Utah under the terms of an operating lease expiring in February 2028. The facility supports the Company's principal administrative, sales, marketing, customer support, and research and product development activities. 


We occupy a 6,175 square-foot facility in Chennai, India under the terms of an operating lease expiring in September 2025. This facility supports our administrative, marketing, customer support, and research and product development activities.

 

We occupied a 40,000 square-foot warehouse in Salt Lake City, Utah under the terms of an operating lease expiring in April 2025, which served as our primary inventory fulfillment center. This lease was cancelled on January 31, 2025.


We entered into a new lease on December 1, 2024 to occupy a 2,590 square-foot warehouse in Salt Lake City Utah. The lease is an operating lease expiring in February 2028. This facility serves as our primary warranty and repair center.    


Supplemental cash flow information related to leases was as follows: 

 

 

 

Three months ended March 31,

 

 

 

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities

 



 

 



 

Operating cash flows from operating leases
$ (92 )
$ (115 )
Right-of-use assets obtained in exchange for lease obligations:







Operating leases
$

$


Supplemental balance sheet information related to leases was as follows: 


 

 

March 31, 2025

 

 

December 31, 2024

 

Operating lease right-of-use assets

 

$

 672

 

 

$

 750

 


 








Current portion of operating lease liabilities, included in accrued liabilities
$ 231

$ 257

Operating lease liabilities, net of current portion

 

 

460

 

 

 

514

 

Total operating lease liabilities

 

$

691

 

 

$

771

 

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term for operating leases (in years) 

2.84


2.99
Weighted average discount rate for operating leases

6.65 %

6.59 %


The following represents maturities of operating lease liabilities as of March 31, 2025:

 

Years ending December 31,

 

 

 

 

2025 (Remainder)

 

$

208

 

2026

 

 

251

 

2027

 

 

259

 

2028

 

 

44

 

2029

 

 

 

Total lease payments

 

 

762

 

Less: Imputed interest

 

 

71

Total

 

$

691