Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES (Tables)

v3.26.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases  
SCHEDULE OF COMPONENTS OF LEASE COST

The components of lease cost for the Company’s leases were as follows (in thousands):

 

    2025     2024  
    Twelve Months Ended December 31,  
    2025     2024  
             
Operating Leases:                
Lease cost   $ 483     $ 541  
                 
Finance Leases:                
Amortization of ROU assets     271       261  
Interest on lease liability     97       81  
Finance lease     368       342  
                 
Short-term lease rent expense     9       6  
                 
Total lease cost   $ 860     $ 889  
SCHEDULE OF WEIGHTED AVERAGE LEASE

The weighted average remaining lease term and the weighted average discount rate for operating and finance leases as of December 31, 2025, were:

 

    Operating Leases     Finance Leases  
Weighted average remaining lease terms (years)     3.7       3.1  
                 
Weighted average discount rate     7.8 %     9.6 %

 

The weighted average remaining lease term and the weighted average discount rate for operating and finance leases as of December 31, 2024, were:

 

    Operating Leases     Finance Leases  
Weighted average remaining lease terms (years)     4.7       3.8  
                 
Weighted average discount rate     7.7 %     9.2 %
SCHEDULE OF OPERATING AND FINANCE LEASE LIABILITY MATURITY

The following table reconciles the undiscounted cash flows for the operating and finance leases as of December 31, 2025, to the operating and finance lease liabilities recorded on the balance sheet (in thousands):

 

    Operating Leases     Finance Leases  
2026   $ 530     $ 389  
2027     467       372  
2028     355       198  
2029     349       118  
2030     77       4  
Total undiscounted lease payments     1,778       1,081  
Less: Imputed interest     (260 )     (149 )
Present value of lease payments   $ 1,518     $ 932  

 

Current portion of operating lease obligations   $ 416     $ N/A  
Long-term operating lease obligations, less current portion   $ 1,102     $ N/A  
Current portion of finance lease obligations   $ N/A     $ 313  
Long-term finance lease obligations, less current portion   $ N/A     $ 619  
SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES

Supplemental cash flow and other information related to our leases were as follows (in thousands):

 

    2025     2024  
    Twelve Months Ended December 31,  
    2025     2024  
Cash paid for amounts included in the measurement of lease liabilities:            
Operating cash flow from operating leases   $ 486     $ 526  
Operating cash flow from finance leases   $ 97     $ 81  
Financing cash flow from finance leases   $ 308     $ 291  
                 
ROU assets obtained in exchange for lease obligations for:                
Finance liabilities   $ 464     $   —  
Operating liabilities   $ 90     $ 497  
                 
Reduction to ROU assets resulting from purchase of underlying asset:                
Operating liabilities   $   —     $ 404