LEASES |
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| LEASES | NOTE 13 LEASES
The Company’s operating leases are primarily for corporate, engineering, and administrative office space and the related expense is recorded in general and administrative expenses on the consolidated financial statements. Total operating lease expense in Fiscal 2025 and Fiscal 2024 was $617,000 and $619,000, respectively. Cash paid for amounts included in operating lease liabilities in Fiscal 2025 and Fiscal 2024, which have been included in cash flows from operating activities, was $607,000 and $592,000, respectively.
The Company signed a renewal to extend the lease term of one of its New York locations through April 2027. Payments under this operating lease commenced February 1, 2025, and escalate 4.0% per year. The monthly rent payment is $6,000 per month.
At September 30, 2025, the Company’s operating leases had a weighted average remaining lease term of 6.0 years and a weighted average discount rate of 5.9%.
At September 30, 2025, future minimum payments under non-cancellable operating leases were as follows:
Future minimum payments under non-cancellable operating leases are as follows:
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