Note 11 - Leases |
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| Lessee, Operating Leases [Text Block] |
Note 11 - Leases
The Company accounts for leases under ASC 842, whereby it recognizes a lease liability and a right-of-use asset. The lease liability is measured at the present value of the remaining lease payments, discounted by the Company’s incremental borrowing rate. The Company measured the right of use asset at an initial amount equal to the lease liability.
On April 1, 2025, the Company signed a lease agreement for 12,500 square feet of office space to be used as a R&D facility pursuant to a -year lease with an option to extend the lease for an additional years. The lease was effective on May 1, 2025 at a rate of $9,659 per month with a termination date of April 30, 2028. The Company’s incremental borrowing rate used to initially measure the present value of the remaining lease payments was 15%.
On July 14, 2025, the Company signed a lease agreement for 1,992 square feet of office space to be used as an R&D facility for its Terravis Energy subsidiary pursuant to a -year lease effective July 18, 2025 for an average monthly rent of $3,154. The Company’s incremental borrowing rate used to initially measure the present value of the remaining lease payments was 15%.
The Company’s right-of-use asset and lease liability as of June 30, 2026, and December 31, 2025, are as follows:
The following is a summary of the Company’s total lease costs:
The following is a summary of cash paid during the six months ended June 30, 2026 and 2025 for amounts included in the measurement of lease liabilities:
The following are future calendar year minimum lease payments as of June 30, 2026:
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