Lease Liability

9 Months Ended

Sep. 30, 2024

Lease Liability

Lease Liability

11. Lease Liability

The Company has operating leases predominantly for operating facilities. As of September 30, 2024, the remaining lease terms on our operating leases range from less than one to twelve years. Renewal options to extend our leases have not been exercised due to uncertainty. Termination options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants. There are no significant finance leases as of September 30, 2024.

Future minimum lease payments as of September 30, 2024 are as follows:

Maturity of Lease Liability:

	Totals
2024		240,000
2025		861,000
2026		839,000
2027		808,000
2028		824,000
After		4,913,000
Total lease payments		8,485,000
Less: Imputed Interest		(1,393,000	)
Present value of remaining lease payments	$	7,092,000
Current	$	638,000
Noncurrent	$	6,454,000
Weighted-average remaining lease term (years)		9.9
Weighted-average discount rate		4.1	%

Total cash paid for leases during the nine months ended September 30, 2024 and 2023 approximated $786,000 and $931,000, respectively.