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9. Leases
Rent expense is recognized on a straight-line basis over the period of the lease taking into account future rent escalation and holiday periods.
Rent expense for three months ended March 31, 2026 and 2025 was as follows:
As of March 31, 2026, the Company had one remaining operating lease — the Edgewater Corporate Park facility at 5225 Wiley Post Way, Salt Lake City, Utah (approximately 9,402 square feet), which supported administrative, sales, marketing, customer support, and warranty operations. The lease was scheduled to expire in February 2028.
Subsequent to March 31, 2026, on April 7, 2026, the Company terminated the Edgewater lease for a $300 termination fee (see Note 15 — Subsequent Events). The other two leases (Gainesville, FL and the Salt Lake City warehouse at 363 West 2720 South) had already been terminated prior to March 31, 2026. Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
The following represents maturities of operating lease liabilities as of March 31, 2026:
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