v3.25.1
Liabilities for Leased Facilities
12 Months Ended
Dec. 31, 2024
Liabilities for Leased Facilities  
Liabilities for Leased Facilities

Note 7: Liabilities for Leased Facilities

 

The Company has various leases for its Company-owned Craft Pizza & Pub locations and its corporate office.

 

The following table summarizes the right of use asset and lease liability using a ten year term for the leases and assumes 7% interest rate as of December 31, 2024.

 

Right of use assets

 

$4,154,804

 

Lease liability

 

 

 

 

Current

 

 

870,140

 

Long-term

 

 

3,505,718

 

Total

 

$4,375,858

 

 

The following table summarizes the Company’s scheduled minimum lease payments as of December 31, 2024.

 

2025

 

$

 0.870 million

 

2026 and 2027

 

 

1.883 million

 

2028 and 2029

 

 

1.128 million

 

After 2029

 

 

0.494 million

 

Total operating lease obligations

 

$

 4.375 million