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

Financing Lease

v3.25.1
Financing Lease
12 Months Ended
Dec. 31, 2024
Financing Lease  
Financing Lease

8. Financing Lease

 

In February 2024, the CGN JV entered into a lease agreement for certain equipment under separate non-cancelable equipment loan and security agreements. The agreement matures in January 2030. The agreements require monthly payments of principal and interest through maturity and are secured by the assets under the lease. As of December 31, 2024, $417 thousand is included in the property and equipment on the balance sheet. The weighted average interest rate was 9.1% at December 31, 2024.

 

The following table presents information about the amount and timing of the liability arising from the Company’s financing lease as of December 31, 2024 ($ in thousands):

    

Maturity of Lease Liability  

Financing

Lease

Liability

 
2025   $ 90  
2026     91  
2027     90  
2028     91  
2029     90  
Thereafter     8  
Total undiscounted financing lease payments `     460  
Less: Imputed interest     (94 )
Present value of financing lease liability   $ 366  
Weighted average remaining lease term     5.1 years  
Weighted average discount rate     9.1 %