v3.26.3
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Lease Cost

During the six months ended June 30, 2026 and 2025, we recognized rent expenses associated with our leases as follows:

 

   Unaudited
6 months ended June 30,		 
USD’000  2026   2025 
Finance lease cost:        
Amortization of right-of-use assets   37    
-
 
Interest on lease liabilities   2    
-
 
           
Operating lease cost:          
Fixed rent expense   415    178 
Variable lease cost   70    
-
 
Short-term lease cost   
-
    
-
 
Net lease cost   524    178 
Lease cost - Cost of sales   
 
    
-
 
Lease cost - General & administrative expenses   524    178 
Net lease cost   524    178 

 

In the six months ended June 30, 2026 and 2025, we had the following cash and non-cash activities associated with our leases:

 

   Unaudited
6 months ended June 30,		 
USD’000  2026 (unaudited)   2025 
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases   415    178 
Financing cash flows from finance leases   39    
-
 
Non-cash investing and financing activities:          
Net lease cost   524    178 
Additions to ROU assets obtained from:          
New operating lease liabilities   
-
    70 
New finance lease liabilities   39    
-
 
Schedule of Right-of-Use Assets and Lease Liabilities

The following table provides the details of right-of-use assets and lease liabilities as of June 30, 2026, and as of December 31, 2025:

 

USD’000  As of
June 30,
2026
(unaudited)		   As of
December 31,
2025		 
Right-of-use assets:        
Operating leases   5,874    6,113 
Finance leases   87    126 
Total right-of-use assets   5,961    6,239 
Lease liabilities:          
Operating leases   5,799    6,191 
Finance leases   90    129 
Total lease liabilities   5,889    6,320 
Schedule of Future Minimum Annual Lease Payments

As of June 30, 2026, future minimum annual lease payments were as follows.

 

Year (USD’000)  Operating   Finance   Total 
2026   451    28    479 
2027   873    52    925 
2028   853    36    889 
2029   853    9    862 
2030 and beyond   3,586    10    3,596 
Total future minimum operating and finance lease payments   6,616    135    6,751 
Less effects of discounting   (817)   (45)   (862)
Lease liabilities recognized   5,799    90    5,889