LEASE AGREEMENTS

12 Months Ended

Dec. 31, 2023

Lease Agreements

LEASE AGREEMENTS

NOTE 7 – LEASE AGREEMENTS

1)

The Company’s Israeli subsidiary had a lease agreement for a facility in Israel, which expired on December 31, 2022 with an option to extend the agreement for two additional years until December 31, 2024. On May 25, 2022 the Company amended the agreement mentioned above and extended it until December 31, 2026 as well as leasing of additional space in the facility. On August 24, 2023, the Company amended the lease agreement mentioned above, leasing additional space in the facility and shortened the lease term of another space in the building. The balances of right of use assets and lease liabilities increased due to the newly leased space and decreased due to the lease that was shortened.

2)

Operating lease cost for the years ended December 31, 2023 and 2022 was $433,000 and $442,000 respectively.

Supplemental information related to leases are as follows:

	December 31,
	2023			2022
	($ in thousands)
Operating lease right-of-use assets		1,473			1,554
Current Operating lease liabilities		(557	)		(419	)
Non-current operating lease liabilities		(1,038	)		(1,195	)

Other information:

Operating cash flows from operating leases (cash paid in thousands)	(429	)	(436	)
Weighted Average Remaining Lease Term	3		4
Weighted Average Discount Rate	9.73	%	8.69	%

Maturities of lease liabilities are as follows:

	Amount
	($ in thousands)
2024		579
2025		584
2026		653
Total lease payments		1,816
Less imputed interest		(221	)
Total		1,595

INSPIREMD, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)