Note 19 - Leases |
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| Lessee, Operating Leases [Text Block] |
Operating Leases The Company has operating leases for real estate in the United States and does not have any finance leases.
In 2019, the Company entered into a real estate lease for office space in Andover, Massachusetts. In August 2021, the lease was amended to include additional space and extend the term of the existing space by one year. The new lease expiration date is February 29,
The Company leased an office and warehouse space in South Africa. The lease, which was originally set to expire in December 2024, was extended to December 2025 and not renewed.
Commencing in July 2024, the Company entered into a new operating lease for warehouse and retail office space located in Fort Wayne, Indiana. The lease term is for years, commencing on July 15, 2024 and expiring on .
The Company also leases office space in Las Vegas, Nevada, which expires on . Commencing in April 2025, the Company entered into another operating lease for office space located in Las Vegas, Nevada. The lease term is for years, commencing on April 1, 2025 and expiring on .
Commencing in August 2024, the Company entered into a new operating lease for retail office space located in Salem, New Hampshire. The lease term is for years, commencing on August 22, 2024 and expiring on .
Commencing in August 2024, the Company entered into a new operating lease for retail office space located in Scottsdale, Arizona. The lease term is for years, commencing on August 27, 2024 and expiring on .
Commencing in November 2024, the Company entered into a new operating lease for retail office space located in Franklin, Tennessee. The lease term is for and a half years, commencing on November 1, 2024 and expiring on .
Commencing in October 2025, the Company assumed two operating leases for retail suites located in Santa Clarita, California, each with a -year term expiring on . The Company had subleased both suites to a third-party dealer. In May 2026, the subtenant notified the Company of its intent to exit the subleased premises, with the sublease terminating effective June 30, 2026. As a result of the sublease termination, the Company recognized an immaterial impairment loss on the associated right-of-use assets during the three and six months ended May 31, 2026. The Company remains the primary obligor under the head leases and will bear the remaining lease obligations through September 2027.
Certain of the Company’s leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liability on the Company’s balance sheets are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain to not exercise.
For the three and six months ended May 31, 2026 and 2025, the elements of lease expense were as follows (in thousands):
Future lease payments under non-cancelable operating leases as of May 31, 2026 are as follows (in thousands):
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