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LEASES | NOTE 15. LEASES
The Company has various lease agreements with terms up to 20 years. All the leases are classified as operating leases.
Maturity of lease liabilities under our non-cancellable operating leases as of March 31, 2025 were as follows:
The following table summarizes the Company’s operating leases:
The amortization of the right-of-use assets of approximately $918,000 and $716,000 for the three months ended March 31, 2025 and 2024, respectively, were included in operating cash flows.
The following table provides a summary of other information related to the leases at March 31, 2025 and December 31, 2024:
Rent expense for the three months ended March 31, 2025 and 2024 was approximately $976,000 and $923,000, respectively. It is included in selling, general and administrative expenses in the accompanying condensed consolidated carve-out statements of operations.
The components of lease expenses for the three months ended March 31, 2025 and 2024 were as follows:
The aggregate cash payments under the leasing arrangement were approximately $878,000 and $679,000 for the three months ended March 31, 2025 and 2024, respectively, were included in operating cash flows.
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NOTE 17. LEASES
The Company has various lease agreements with terms of up to 20 years, including leases of retail stores, headquarters and equipment. All the leases are classified as operating leases.
The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of December 31, 2024.
The following summarizes the Company’s operating leases:
The amortization of the right-of-use asset of approximately $3,274,000 and $2,570,000 for the years ended December 31, 2024 and 2023, respectively, were included in operating cash flows.
The following table provides a summary of other information related to the leases at December 31, 2024 and 2023:
Rent expense for the years ended December 31, 2024 and 2023 was approximately $4,196,000 and $3,435,000, respectively, and is included in selling, general and administrative expenses in the accompanying consolidated statement of operations.
The following table represents the components of lease expense are as follows for twelve months ended December 31, 2024:
The aggregate cash payments under the leasing arrangement was approximately $3,122,000 for the year ended December 31, 2024 and was included in operating cash flows.
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