RIGHT OF USE ASSET |
12 Months Ended | |||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||
| Right Of Use Asset | ||||||||||||||||||||||||||
| RIGHT OF USE ASSET | NOTE 7 – RIGHT OF USE ASSET
Lease Agreement
In January 2020, the Company entered into a lease agreement commencing February 8, 2020 for its corporate office in Carlsbad, California, which was set to expire in 2025. In December 2024, the Company extended its lease for fourteen months through March 2026, with an option to extend for an additional fourteen months. At inception of the lease, the Company recorded a right of use asset and liability. The Company used an incremental borrowing rate of 8.5% within the calculation. The following are the expected future minimum lease payments as of December 31, 2025, including the total amount of imputed interest related (in thousands):
The rent expense was $77 thousand and $80 thousand for the years ended December 31, 2025 and 2024, respectively. The Company is currently paying rent on a month-to-month basis.
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