Leases |
6 Months Ended | ||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||
| Lessee Disclosure [Abstract] | |||||||||||||||||||||
| Leases | 10. Leases
Following the acquisition of Fitters Sub on September 12, 2025, the Company utilizes three facilities in Malaysia, all on short term lease agreements. The Company terminated its lease agreement for its previous headquarters in Berkeley Heights, New Jersey, effective January 31, 2025.
For the six months ended June 30, 2026, and 2025, the Company recognized operating lease expenses of $27,821 and $3,790 respectively. Cash payments made during the six months ended June 30, 2026, and 2025 totaled $27,821 and $3,790, respectively, and were presented within cash outflows from operating activities. The remaining lease term of the Company’s longest lease as of June 30, 2026, is approximately 0.7 years. The discount rate used by the Company in determining the lease liability was 12%.
Remaining lease payments for the facilities are as follows (in $000s):
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