Company: ACCS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0000843006-25-000025
Chunk: 17

Company: ACCESS Newswire Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 allowance of $488,000, which is included in fixed assets as of December 31, 2024. The Company recognized a ROU asset and corresponding lease liability of $2,596,000, which represents the present value of minimum lease payments discounted at 3.77%, the Company’s incremental borrowing rate at lease inception. 

 14Table of Contents

 Lease liabilities totaled $973,000 as of March 31, 2025. The current portion of this liability of $392,000 is included in Accrued expenses on the Consolidated balance sheets and the long-term portion of $581,000 is included in Lease liabilities on the Consolidated balance sheets. Rent expense consists of both operating lease expense from amortization of our ROU assets as well as variable lease expense which consists of non-lease components of office leases (i.e. common area maintenance) or rent expense associated with short-term leases. The components of lease expense were as follows (in 000’s):   Three months ended   March 31,   2025  2024 Lease expense      Operating lease expense $76  $76 Variable lease expense  15   14 Rent expense $91  $90  The weighted-average remaining non-cancelable lease term for our operating leases was 2.75 years as of March 31, 2025. As of March 31, 2025, the weighted-average discount rate used to determine the lease liability was 3.77%. The future minimum lease payments to be made under non-cancelable operating leases on March 31, 2025, are as follows (in 000’s): Year Ended December 31:   2025 $293 2026  401 2027  412 Total lease payments $1,106 Present value adjustment  (133 )Lease liability  973  We have performed an evaluation of our other contracts with customers and suppliers in accordance with Topic 842 and have determined that, except for the leases described above, none of our contracts contain a lease.

Note 7: Segment Reporting Operating segments are components of an enterprise about which separate financial information is available and is evaluated periodically by management, namely the Chief Operating Decision Maker (“CODM”) of an organization, in order to determine operating and resource allocation decisions. By this definition, the Company has identified its Chief Executive Officer as the CODM. The Company