7. Financing Lease

In February 2024, the 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 March 31, 2024, $416 thousand is included in the property and equipment on the balance sheet. The weighted average interest rate was 9.1% at March 31, 2024.

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

 Schedule of Future Minimum Financing Lease Payments