We lease all properties where our business is operated.
−Removed: that these properties are adequate for the purposes for which they are used.
+Added: We believe that these properties are adequate for the purposes for which they are used.
All leases are with unaffiliated third parties.
−Removed: that the loss of any lease would not have a material adverse effect on our operations, as we believe that we could identify and lease
−Removed: comparable facilities upon approximately equivalent terms.
−Removed: The Company has the following operating leases for real estate locations where
−Removed: South Salt Lake, Utah
−Removed: December 2030
−Removed: San Juan, Puerto Rico
−Removed: Grantsville, Utah
−Removed: December 2026
−Removed: The South Salt Lake, Utah facility
−Removed: has approximately 22,000 square feet and is used for our manufacturing.
−Removed: The San Juan, Puerto Rico facility has approximately 3,600 square
−Removed: feet and is used for administrative purposes.
−Removed: The Grantsville, Utah property is approximately one acre and is used for drone flight operations
−Removed: These lease agreements
−Removed: have remaining terms up to 6.67 years, including options to extend certain leases for up to six years.
−Removed: The weighted average
−Removed: remaining lease term as of April 30, 2024 was 6.16 years.
−Removed: The Company used a discount rate of 12% to calculate its lease liability at
−Removed: April 30, 2024.
−Removed: Future lease payment obligations at April 30, 2024 were as follows:
+Added: We believe that the loss of any lease would not have a material adverse effect on our operations, as we believe that we could identify and lease comparable facilities upon approximately equivalent terms.
+Added: The Company has the following operating leases for real estate locations where it operates:
+Added: Location Monthly Rent Expiration
+Added: West Palm Beach, Florida $ 18,050 February 2032
+Added: South Salt Lake, Utah $ 46,545 December 2030
+Added: Valdosta, Georgia $ 48,550 November 2030
+Added: Torrance, California $ 66,330 October 2030
+Added: Carson, California $ 22,655 April 2028
+Added: San Juan, Puerto Rico $ 6,403 June 2027
+Added: Grantsville, Utah $ 1,250 December 2026
+Added: Spring Lake, North Carolina $ 3,000 August 2026
+Added: The West Palm Beach, Florida facility has approximately 11,400 square feet and is used for customer engagement and to support operations.
+Added: The South Salt Lake, Utah facility has approximately 37,000 square feet and is used for our manufacturing.
+Added: The Valdosta, Georgia facility has approximately 155,000 square feet and is used for our manufacturing.
+Added: The Torrance, California facility has approximately 51,000 square feet and is used for our manufacturing.
+Added: The Carson, California facility has approximately 14,616 square feet and is used for our manufacturing.
+Added: The San Juan, Puerto Rico facility has approximately 3,600 square feet and is used for administrative purposes.
+Added: The Grantsville, Utah property is approximately one acre and is used for drone flight operations and testing.
+Added: The Spring Lake, North Carolina facility has approximately 2,840 square feet and is used for administrative purposes.
+Added: These lease agreements have remaining terms up to 14.67 years, including options to extend certain leases for up to ten years.
+Added: The weighted average remaining lease term as of December 31, 2025 was 9.04 years.
+Added: The weighted average discount rate used to calculate the Company's lease liabilities at December 31, 2025 was 12%.
+Added: Future undiscounted payment obligations at December 31, 2025 were as follows (in thousands):
Fiscal Year Ended:
+Added: Thereafter 10,009
+Added: Total $ 23,271
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.