enVVeno Medical Corp Leases Disclosure
Note 7 – Right-of-Use Assets and Liabilities
The Company leases its facility in Irvine, California under an operating lease which it amended in November 2021 to extend the lease term an additional 60 months through September 30, 2027. The lease rate at the date of the amendment was $30,206 per month with escalating payments adjusting annually. In connection with the lease, the Company is obligated to pay $7,254 monthly for operating expenses for building repairs and maintenance. The Company has no other operating or financing leases with terms greater than 12 months.
Lease liabilities were determined using the Company’s estimated incremental borrowing rate of 3.95% to estimate the present value of the remaining monthly lease payments.
Our operating lease cost is as follows (in thousands):
For the Year Ended December 31, 2024 | ||||
| Operating lease cost | $ | 389 | ||
Supplemental cash flow information related to our operating lease is as follows:
| (Dollars in thousands) | For the Year Ended December 31, 2024 | |||
| Operating cash flow information: | ||||
| Cash paid for amounts included in the measurement of lease liabilities | $ | 387 | ||
Remaining lease term and discount rate for our operating lease is as follows:
| December 31, 2024 | ||||
| Remaining lease term | 2.7 years | |||
| Discount rate | 3.95 | % | ||
Maturity of our lease liabilities by fiscal year for our operating lease is as follows:
| (In thousands) | ||||
| Year ended December 31, 2025 | 399 | |||
| Year ended December 31, 2026 | 411 | |||
| Year ended December 31, 2027 | 315 | |||
| Total | $ | 1,125 | ||
| Less: Imputed interest | (61 | ) | ||
| Present value of our lease liability | $ | 1,064 | ||
ENVVENO MEDICAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Feb 28, 2025 | Showing above |
| 2019 | Mar 18, 2020 | |
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.