Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 121

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 121
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):

       As of December 31,  
   2024    2023  
 Prepaid expenses  $966  $2,386 
 Advances to suppliers   —   79 
 Receivable for issuance of common stock   1,679   — 
 Other   61   52 
 Total prepaid and other current assets  $2,706  $2,517 

   The Company's advances to suppliers as of  December 31, 2024 and 2023 were written down by $1,041 and $1,385, respectively, associated with the winding down of its legacy Non-Automotive product as part of its revised strategic plan in 2023. See Note 18, Restructuring, for further details.

       82

    6.  LEASES 

   The Company leases office facilities in Northern California under non-cancelable operating leases. In  July 2024, the Company entered into two new long-term leases, one of which the Company uses as its headquarters. 
    
   Some of the Company's leases include options to renew, with renewal terms that, if exercised by the Company, extend the lease term from two to five years. The exercise of these renewal options is at the Company's discretion. The Company's lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company's short-term lease expense was determined to not be material.
    
   On  November 14, 2023, the Company assigned an operating lease resulting in the Company being relieved of its primary obligation under this lease. As a result of the lease assignment, a new tenant assumed the primary obligation under the lease, with the Company becoming secondarily liable. If the new tenant should fail to perform under the lease, the Company could be liable to fulfill any remaining lease obligations. The lease had a remaining term of 2.7 years as of  December 31, 2024 with the Company serving as guarantor for the remaining term. The resulting maximum exposure includes $265 of undiscounted future minimum lease payments plus potential additional payments to satisfy maintenance, taxes, and insurance requirements for the remainder of the lease term.
    
   In  August 2024, one of the Company's existing leases, originally set to expire on  November 30, 2026, was terminated early. In conjunction with the early termination, the