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Note 12 - Leases

6 Months Ended

Jun. 30, 2025

Note 12—Leases

The Company is the lessee under operating lease agreements primarily for office space in domestic and foreign locations where it has operations and for solar development projects with lease periods expiring between 2025 and 2052. The Company has no finance leases.

The Company determines if a contract is a lease at inception. Right-of-Use ("ROU") assets are included under other assets in the condensed consolidated balance sheet. The current portion of the operating lease liabilities are included in other current liabilities and the noncurrent portion is included in other liabilities in the condensed consolidated balance sheets.

ROU assets and operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized borrowing rate based on information available at the lease commencement date. ROU assets also include any prepaid lease payments and lease incentives. The lease terms include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The Company uses the base, non-cancelable, lease term when determining the lease assets and liabilities. Operating lease expense is recognized on a straight-line basis over the lease term.

	*June 30, 2025*		*December 31, 2024*
	(in thousands)
ROU Assets	$	930	$	1,819

Current portion of operating lease liabilities		119		223
Noncurrent portion of operating lease liabilities		861		1,732
Total	$	980	$	1,955

At June 30, 2025, the weighted average remaining lease term was 21.7 years and the weighted average discount rate is 9.0%.

Supplemental cash flow information for ROU assets and operating lease liabilities are as follows:

	*Six Months Ended June 30,*
	*2025*		*2024*
Cash paid for amounts included in the measurement of lease liabilities:	*(in thousands)*
Operating cash flows from operating activities	$	5	$	300

ROU assets obtained in the exchange for lease liabilities
Operating leases	$	154	$	—

Future lease payments under operating leases as of June 30, 2025 were as follows:

(in thousands)
Remainder of 2025	$	110
2026		163
2027		122
2028		84
2029		65
Thereafter		1,835
Total future lease payments		2,379
Less imputed interest		1,399
Total operating lease liabilities	$	980

Rental expenses under operating leases were minimal amount and $0.2 million for the three months ended June 30, 2025 and 2024, respectively. Rental expenses under operating leases were $0.3 million for each of the six months ended June 30, 2025 and 2024.