Operating Leases |
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Operating Leases | 7. Operating Leases
The Company leases its headquarters office space in Minnesota and leases office space in Germany. The lease for the Company’s headquarters office space expires at the end of 2030. This headquarters office space lease is with a stockholder, which is considered a related party. During the quarter ended June 30, 2024, the Company and the landlord agreed to extend the lease for three (3) additional years and the lease now terminates on December 31, 2030. The Company requested and the landlord provided an additional 1,664 square feet of usable office space, for a total of 11,540 square feet of rentable space. Accordingly, base rent was increased to $5,587 per month and increases each year by approximately four (4) percent each year. As well, tenant improvements completed by the landlord totaling $150,000 will be repaid in three (3) $50,000 annual payments beginning July 1, 2027. The lease of the office space in Germany is not with a related party and is immaterial.
The components of leases and lease costs were as follows (in thousands):
Other supplemental information of lease amounts recognized in the unaudited condensed consolidated financial statements is summarized as follows:
Future minimum lease payments associated with these leases were as follows as of June 30, 2024 (in thousands):
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