Company: MVIS
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000783
Chunk: 444

Company: MICROVISION, INC.
Filing Date: 2025-03-26
Form: 10-K
Item: Item 4
Chunk 444
---
June 2024, the Company entered into an early termination agreement to decrease the expiration from April 2027 to April 2025, resulting
in an insignificant early termination fee. During the year ended December 31, 2024, impairment expense of $0.1 million was incurred and
is recorded within sales, marketing, general and administrative expense on the consolidated statements of operations.

Additionally,
in connection with the January 2023 acquisition of assets from Ibeo, the Company assumed three leases in Hamburg, Germany. Each lease
was abandoned or expired in 2024, resulting in impairment expense of $0.1 million during the year ended December 31, 2024.

In
December 2023, the Company entered into a lease agreement for office space in Hamburg, Germany which commenced in November 2024. The
lease, which expires in October 2029, includes an option to extend the term for two three-year renewal periods.

The
components of lease expense are as follows:

SCHEDULE OF COMPONENTS OF LEASE EXPENSE  

    (in thousands) 
    2024  
    2023  
    2022 

    Year Ended December 31, 
  
    (in thousands) 
    2024  
    2023  
    2022 
  
    Operating lease expense 
    $2,701  
    $2,625  
    $1,501 
  
    Finance lease expense: 

    Amortization of leased assets 
     -  
     21  
     26 
  
    Interest on lease liabilities 
     -  
     -  
     2 
  
    Total finance lease expense 
     -  
     21  
     28 
  
    Total lease expense 
    $2,701  
    $2,646  
    $1,529 

    55

Supplemental
cash flow information related to leases is as follows:

SCHEDULE OF CASH FLOW INFORMATION RELATED TO LEASES  

    (in thousands) 
    2024  
    2023  
    2022 

    Year Ended December 31, 
  
    (in thousands) 
    2024  
    2023  
    2022 
  
    Cash paid for amounts included in measurement of lease liabilities: 

    Operating cash flows from operating leases