v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases  
Leases

Note 10 — Leases

 

During 2024, the Company entered into finance lease agreements for equipment utilized in its manufacturing facility.

 

The components of operating and finance lease costs are as follows for the three months ended March 31:

 

  

Three Months Ended March 31,

 
   2026   2025 
Operating lease cost  $-   $- 
Finance Lease Cost:          
Amortization of assets   82,156    82,157 
Interest on liabilities   34,514    41,764 
           
Total lease cost  $116,670   $123,921 

 

Supplemental cash flow information related to leases are as follows for the three months ended March 31:

 

   Three Months Ended March 31, 
   2026   2025 
Cash paid for amounts included in measurement of lease obligations:          
Operating cash flows from operating leases  $-   $- 
Operating cash flows from finance leases   34,514    41,764 
Financing cash flows from finance leases  $94,098   $28,165 

 

The following table summarizes weighted average remaining lease term and discount rates as of March 31, 2026, and December 31, 2025:

 

   March 31, 2026   December 31, 2025 
Weighted average remaining lease term (years)          
Operating leases   N/A     N/A  
Finance leases   3.76    4.00 
Weighted average discount rate          
Operating leases   N/A     N/A  
Finance leases   8.4%   8.4%

 

Future maturities of our lease liabilities are as follows as of March 31, 2026:

 

     
2026 remainder of year  $385,143 
2027   513,525 
2028   513,525 
2029   513,524 
Thereafter   - 
Total Undiscounted Lease Obligations   1,925,717 
Less: Imputed Interest   

(250,705

)
      
Present Value of Lease Obligations  $1,675,012 

 

 

SYNTEC OPTICS HOLDINGS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS