Leases (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Lease [Abstract] |
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| Summary of Long-term Leases in the Condensed Consolidated Balance Sheet |
A summary of long-term leases in the condensed consolidated balance sheet as of June 30, 2025 is as follows:
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ROU Asset |
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Operating Lease Liability - Current |
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Operating Lease Liability – Non-Current |
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Total Operating Lease Liability |
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Office and laboratory, Pretoria, South Africa |
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$ |
533,972 |
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$ |
74,397 |
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$ |
550,479 |
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$ |
624,876 |
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Additional production, Pretoria, South Africa |
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131,857 |
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131,857 |
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— |
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131,857 |
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Laboratory, Pretoria, South Africa |
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36,228 |
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|
27,879 |
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10,381 |
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|
38,260 |
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Office, Pretoria, South Africa |
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|
99,457 |
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24,287 |
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|
78,559 |
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|
102,846 |
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Office and production, Pretoria, South Africa |
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215,046 |
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|
242,453 |
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— |
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242,453 |
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Total |
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$ |
1,016,560 |
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$ |
500,873 |
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$ |
639,419 |
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$ |
1,140,292 |
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A summary of long-term leases in the condensed consolidated balance sheet as of December 31, 2024 is as follows:
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ROU Asset |
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Operating Lease Liability - Current |
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Operating Lease Liability – Non-Current |
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Total Operating Lease Liability |
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Office and laboratory, Pretoria, South Africa |
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$ |
538,942 |
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$ |
63,703 |
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$ |
554,332 |
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$ |
618,035 |
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Additional production, Pretoria, South Africa |
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|
211,829 |
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|
179,948 |
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|
31,881 |
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|
211,829 |
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Laboratory, Pretoria, South Africa |
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45,433 |
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23,653 |
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|
23,674 |
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|
47,327 |
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Office and production, Pretoria, South Africa |
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325,930 |
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290,372 |
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|
78,592 |
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|
368,964 |
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Total |
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$ |
1,122,134 |
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$ |
557,676 |
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$ |
688,479 |
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$ |
1,246,155 |
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| Schedule of Quantitative Information Regarding Operating Lease |
Quantitative information regarding the Company’s operating lease liabilities is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Operating Lease Cost |
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Operating lease cost |
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$ |
185,006 |
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$ |
167,692 |
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$ |
353,464 |
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$ |
316,592 |
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Other Information |
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Operating cash flows paid for amounts included in the
measurement of lease liabilities |
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$ |
178,004 |
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$ |
162,037 |
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$ |
343,108 |
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$ |
305,375 |
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Operating lease liabilities arising from obtaining right-of-
use assets |
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$ |
101,929 |
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$ |
— |
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$ |
101,929 |
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$ |
364,458 |
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Weighted average remaining lease term (years) |
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|
3.56 |
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3.80 |
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|
3.56 |
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|
3.80 |
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Weighted average discount rate |
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|
9.49 |
% |
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|
10.12 |
% |
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|
9.49 |
% |
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|
10.12 |
% |
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| Schedule of Future Lease Payments Under Noncancelable Operating Leases |
Future lease payments under noncancelable operating lease liabilities as of June 30, 2025 are as follows:
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Operating
Leases |
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Future Lease Payments |
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2025 (remaining six months) |
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$ |
361,681 |
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2026 |
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|
312,189 |
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2027 |
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|
178,256 |
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2028 |
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|
161,993 |
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2029 |
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|
153,042 |
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Thereafter |
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|
164,521 |
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Total lease payments |
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$ |
1,331,682 |
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Less: imputed interest |
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|
(191,390 |
) |
Total operating lease liabilities |
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$ |
1,140,292 |
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Less current portion |
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$ |
(500,873 |
) |
Operating lease liability - noncurrent |
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$ |
639,419 |
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| Schedule of Quantitative Information Regarding the Company's Finance Lease Liabilities |
Quantitative information regarding the Company’s finance lease liabilities is as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Finance Lease Cost |
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Interest on lease liabilities |
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$ |
23,016 |
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$ |
16,893 |
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$ |
45,263 |
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$ |
23,933 |
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Other Information |
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Operating cash flows paid for amounts included in the
measurement of finance lease liabilities |
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$ |
31,920 |
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$ |
24,468 |
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$ |
61,831 |
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$ |
38,846 |
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Amortization of right-of-use assets |
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$ |
12,695 |
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$ |
9,871 |
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$ |
53,244 |
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$ |
19,312 |
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Weighted average remaining lease term (years) |
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4.0 |
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4.4 |
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4.0 |
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4.4 |
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Weighted average discount rate |
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13.1 |
% |
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12.9 |
% |
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13.1 |
% |
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12.9 |
% |
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| Schedule of Future Lease Payments Under Noncancelable Finance Leases |
Future lease payments under noncancelable finance lease liabilities are as follows as of June 30, 2025:
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Finance
Leases |
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Future Lease Payments |
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2025 (remaining six months) |
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$ |
111,463 |
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2026 |
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|
224,690 |
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2027 |
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|
219,626 |
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2028 |
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|
180,850 |
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2029 |
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|
70,284 |
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Thereafter |
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|
68,901 |
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Total lease payments |
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$ |
875,814 |
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Less: imputed interest |
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(211,260 |
) |
Total lease liabilities |
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$ |
664,554 |
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Less current portion |
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$ |
(145,976 |
) |
Finance lease liability - noncurrent |
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$ |
518,578 |
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| Net Investment in Sales Type Leases |
The Company’s net investment in sales-type leases were comprised of the following:
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June 30, 2025 |
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Total undiscounted cash flows |
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$ |
999,179 |
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Present value discount |
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(606,592 |
) |
Net investment in sales-type leases |
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$ |
392,587 |
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| Future Minimum Lease Payments Under Sales-type Leases |
Future minimum lease payments to be collected under sales-type leases accounted for under ASC 842, excluding lease payments that are not fixed and determinable, as of June 30, 2025 are as follows:
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Sales-type
Leases |
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Future Lease Payments |
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2025 (remaining six months) |
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$ |
26,294 |
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2026 |
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|
105,177 |
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2027 |
|
|
105,177 |
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2028 |
|
|
105,177 |
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2029 |
|
|
105,177 |
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Thereafter |
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|
552,177 |
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Total undiscounted cash flows |
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$ |
999,179 |
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