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LEASES | 12 Months Ended
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Dec. 31, 2025
Leases |
LEASES | NOTE 6 – LEASES As of December 31, 2025, we leased approximately 77,000 square feet of office, manufacturing and assembly space at our principal facility in Carlsbad, California. We record leases at lease commencement, which is the date when the underlying asset is made available for use by the lessor. The lease commenced on February 1, 2022, and has a term of 62 months, expiring on April 1, 2027. The lease agreement includes scheduled rent escalations over the lease term, with monthly base rent ranging from $91,000 to $106,000. The lease also included rent abatement for the second and thirteenth months of the lease. Lease expense is recognized on a straight-line basis over the lease term. A security deposit of $2.5 million was paid in connection with the lease, $1.5 million of which has been returned to the Company as of December 31, 2025. The lease is a triple net lease, meaning the Company is responsible for all costs, expenses, and obligations relating to the facility, including operating expenses, repairs, insurance, and taxes. In March 2026, the Company amended the terms of this lease to extend the lease expiration date through March 31, 2028, with monthly base rent of approximately $106,000 (See Note 10 — Subsequent Events). Our lease agreement does not provide an implied borrowing rate and we have, therefore, used a benchmark approach to derive an appropriate incremental borrowing rate. We used companies of similar credit ratings and comparable credit quality to derive a benchmark incremental borrowing rate to discount lease liabilities through the remaining lease term. Operating lease obligations are presented as follows on the condensed consolidated balance sheets (in thousands): SCHEDULE OF OPERATING LEASE OBLIGATIONS
|  | 2025 |  |  | 2024 |
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
Operating lease assets, net |  | $ | 1,226 |  |  | $ | 2,104 |
Current portion of lease liabilities |  |  | 1,156 |  |  |  | 1,030 |
Long-term lease liabilities |  |  | 311 |  |  |  | 1,468 |
Operating lease liability, net |  | $ | 1,467 |  |  | $ | 2,498 |
The following table summarizes the annual contractual maturities of operating lease liabilities (in thousands): SCHEDULE OF OPERATING LEASE LIABILITIES
|  | As of December 31, 2025 |
2026 |  | $ | 1,227 |
2027 |  |  | 314 |
Total minimum lease payments |  |  | 1,541 |
Imputed interest |  |  | (74 | )
Total minimum lease payments |  | $ | 1,467 |
We recorded $1.0 million as operating lease expense for the years ended December 31, 2025 and 2024, respectively. This expense is allocated to “General, selling, and administrative” and “Research and development” expenses in the condensed consolidated statements of operations. Other information related to our lease obligations is as follows: SCHEDULE OF OTHER INFORMATION OPERATING LEASE OBLIGATIONS
|  | 2025 |  |  | 2024 |
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
Supplemental lease information: |  |  |  |  |  |  |  |
Weighted average remaining lease term (in years) |  |  | 1.25 |  |  |  | 2.25 |
Weighted average discount rate |  |  | 8.30 | % |  |  | 8.30 | %
|  | 2025 |  |  | 2024 |
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
Cash payments included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,191 |  |  | $ | 1,139 |

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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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