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OPERATING LEASES

3 Months Ended

Mar. 31, 2025

Operating Leases

OPERATING LEASES

NOTE 5 – OPERATING LEASES

The Company has two operating lease agreements for its warehouse and office facilities. The first lease expired February 28, 2024, and was extended beginning March 1, 2024 to February 28, 2026. The second lease expired August 31, 2024, and was extended beginning September 1, 2024 to August 31, 2026. The aggregate monthly lease payments range from $89 (year one), to $111 (year two), to $125 (year three), with an aggregate commitment of $3,896. The lease amendments to the two operating leases were considered new lease agreements and as a result, the Company recognized operating lease right-of-use assets and related operating lease liabilities of approximately $3,578 upon commencement of the new terms in 2024.

The Company also has a third lease on a month-to-month basis and is charged $25 per month.

The components of rent expense and supplemental cash flow information related to leases for the period are as follows: 

SCHEDULE OF RENT EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION 

		Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
Lease Cost (in thousands)		(Unaudited)				(Unaudited)
Operating lease cost		$	325				282
Operating lease cost (of which $43 is included in general and administration and $281 is included in cost of sales in the Company’s statement of operations for the three months ended March 31, 2025, and $37 and $245 for the same period in 2024, respectively)		$	325			$	282
Other Information
Weighted average remaining lease term – operating leases (in years)			2.2				2.2
Average discount rate – operating leases			6.13	%			6.13	%

The supplemental balance sheet information related to leases for the period is as follows:

  SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION 

		At March 31, 2025				At December 31, 2024
Operating leases (in thousands)		(Unaudited)
Long-term right-of-use assets, net of accumulated amortization of $2,233 and $1,931, respectively		$	1,343			$	1,645
Current portion of operating lease liabilities		$	1,339			$	1,382
Noncurrent portion of operating lease liabilities			197				474
Total operating lease liabilities		$	1,536			$	1,856

Maturities of the Company’s lease liabilities are as follows (in thousands):

  SCHEDULE OF MATURITIES OF LEASE LIABILITIES 

Year Ending		Operating Leases
2025 (remaining 9 months)			1,104
2026			496
Total lease payments			1,600
Less: Imputed interest/present value discount			(64	)
Present value of lease liabilities		$	1,536

Rent expense for the three months ended March 31, 2025 and 2024 was $391 and $399, respectively.

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- References

No definition available.

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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

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