Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

10. Leases

The Company leases certain properties consisting principally of a facility in Bohemia, New York (headquarters) which was amended in September 2021 to increase the space by approximately 25% and extend the lease term through October 2028. The Company’s Bioprocessing Systems operations are conducted in co-sharing office space in Pittsburgh, Pennsylvania, and a 5,252 square foot facility in Baesweiller, Germany, which was renewed in December 2023 to extend the lease term to December 31, 2025, comprised of manufacturing, engineering, and administrative space. In August and September 2022, the Company entered into two lease agreements to lease motor vehicles for certain employees. The contractual period of each lease is 36 months and the lease was determined to qualify for operating lease treatment upon the lease commencement date. There are no renewal options with any of the leases, no residual values or significant restrictions or covenants other than those customary in such arrangements, and no non-cash activities, and any rent escalations incorporated within the leases are included in the calculation of the future minimum lease payments, as further described below. All of the Company’s leases are deemed operating leases.

	As of
	December 31, 2023			December 31, 2022			June 30, 2022
Weighted Average Years		4.35			5.42			5.92
Weighted Average Discount		5.43	%		5.00	%		5.00	%

	Year ended December 31, 2023		Six Months Ended December 31, 2023		Year ended June 30, 2022
Total Cash Payment	$	334,600	$	186,000	$	344,500

The Company’s approximate future minimum rental payments under all operating leases as of December 31, 2023 are as follows:

Year ended December 31,	Amount
2024	$	387,900
2025		360,500
2026		266,600
2027		274,600
2028		201,000
Total future minimum payments	$	1,490,600
Less:  Imputed interest		(158,700	)
Total Present Value of Operating Lease Liabilities	$	1,331,900