CorMedix Inc. Leases Disclosure
Note 9 — Leases:
The Company entered into a seven-year operating lease agreement in March 2020 for an office space at 300 Connell Drive, Berkeley Heights, New Jersey 07922. The lease agreement, with a monthly average cost of approximately $17,000 commenced on September 16, 2020.
The Company entered into an operating lease for office space in Germany that began in July 2017. The rental agreement has a three-month term which automatically renews and includes a monthly cost of 400 Euros. The operating lease was terminated in June 2024.
Operating lease expense in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023 was approximately $204,000 and $207,000, respectively, which includes costs associated with leases for which ROU assets have been recognized as well as short-term leases.
At December 31, 2024, the Company has a total operating lease liability of $517,000, of which approximately $168,000 and $349,000 were classified as operating lease liabilities, short-term and operating lease liabilities, net of current portion, respectively, on the consolidated balance sheet. At December 31, 2023, the Company’s total operating lease liability was $668,000, of which $151,000 was classified as operating lease liabilities, short-term and $517,000 was classified as operating lease liabilities, net of current portion, on the consolidated balance sheet. Operating ROU assets as of December 31, 2024 and 2023 are $493,000 and $640,000, respectively.
For the years ended December 31, 2024 and 2023, cash paid for amounts included in the measurement of lease liabilities in operating cash flows from operating leases was $205,000 and $201,000, respectively.
As of December 31, 2024 and 2023, the weighted average remaining lease term were 2.8 years and 3.8 years, respectively, and the weighted average discount rate of 9% at December 31, 2024 and 2023.
As of December 31, 2024, maturities of lease liabilities were as follows:
| 2025 | 208,000 | |||
| 2026 | 211,000 | |||
| 2027 | 169,000 | |||
| Total future minimum lease payments | 588,000 | |||
| Less imputed interest | (71,000 | ) | ||
| Total | $ | 517,000 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Mar 25, 2025 | Showing above |
| 2023 | Mar 12, 2024 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.