NOTE 6 - LEASES

Lessee Arrangements

The Company enters into leases in the normal course of business primarily as part of its operations in the different airports, back-office operations, research and development offices and headquarters offices.

The table below presents the effects on the amounts relating to the Company’s total lease cost:

	Year ended December 31,
	2024		2023		2022
Operating lease cost	$	5,684	$	4,915	$	4,617
Short term lease cost		2,208		1,609		1,614
Total lease cost	$	7,892	$	6,524	$	6,231

Other information:

Cash paid for amounts included in the measurement of Lease liabilities:

	Year ended December 31,
	2024			2023			2022
Operating cash flows from operating leases	$	5,672		$	4,902		$	4,625
Right of use assets obtained in exchange for new operating lease liabilities		10,680			1,655			3,885
Weighted-average remaining lease term-operating leases	4.5 years			2.6 years			3.3 years
Weighted-average discount rate		7.33	%		5.94	%		5.34	%

Balance sheet information related to operating leases was as follows:

	December 31,
	2024		2023
Operating lease ROU assets	$	13,138	$	7,398

Operating lease liabilities - current	$	4,876	$	3,804
Operating lease liabilities - non current		8,296		3,645
Total operating lease liabilities	$	13,172	$	7,449

Future undiscounted lease payments for operation leases with initial terms of more than one year as of December 31, 2024 are as follows:

Year ending December 31,
2025	$	5,549
2026		3,110
2027		2,378
2028		1,497
2029		640
Thereafter		2,193
Total future minimum lease payments		15,367
Less: imputed interest		2,195
Total	$	13,172