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Operating Leases | 12 Months Ended
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Dec. 31, 2024
Operating Leases |
Operating Leases | Note 9 – Operating Leases The Company is a party to various operating leases with rent ranging from $4,900 to $10,000 per month. All of the leases have remaining terms of less than one year. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease terms. The following table presents supplemental information about the Company’s operating leases and future minimum annual lease payments under its operating leases as of December 31, 2024. Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 is as follows: Schedule of Supplemental Information Related To Leases
|  | December 31, 2024 |  |  | December 31, 2023 |
Assets: |  |  |  |  |  |  |  |
Operating lease - right-of-use assets |  | $ | 95,000 |  |  | $ | 3,926,000 |
Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Current portion of operating leases |  | $ | 92,000 |  |  | $ | 84,000 |
Operating lease liabilities, net of current portion |  | $ | - |  |  | $ | 3,925,000 |
Supplemental statement of operations information related to operating leases is as follows: Schedule of Operating Lease Term and Discount Rate
|  | Twelve Months Ended |  |  | Nine Months Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |
Operating lease expense as a component of general and administrative expenses |  | $ | 489,000 |  |  | $ | 717,000 |
Supplemental cash flow information related to operating leases is as follows: |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flow paid for operating leases |  | $ | 181,000 |  |  | $ | 656,000 |
Lease term and Discount Rate |  |  |  |  |  |  |  |
Weighted average remaining lease term (years) |  |  | 0.6 |  |  |  | 15.0 |
Weighted average discount rate |  |  | 9.0 | % |  |  | 12.0 | %
The following table summarizes information regarding lease maturities and balance due as follows: Schedule of Operating Lease Lease Maturities and Balance Due
Payments due by period |  | Amount |
2025 |  | $ | 94,000 |
Less: Interest |  |  | 2,000 |
Total operating lease liabilities |  |  |  |
Total operating lease liabilities |  | $ | 92,000 |
ALGORHYTHM HOLDINGS, INC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2024 and 2023

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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 + Details
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