Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 158

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 158
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 an initial term of 12 months or less are not
recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term.

We determine if a contract
contains a lease at contract inception. Right-of-use assets and liabilities are recognized based on the present value of lease payments
over the lease term. In determining the present value of lease payments, we use the Company’s incremental borrowing rate. Right-of-use
assets are included in other assets and lease liabilities are included in accounts payable and accrued expenses in our Condensed Consolidated
Balance Sheet.

     F-29 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the supplemental balance
sheet information related to leases:

    Schedule of balance
sheet information related to leases 

    December 31,  
    December 31, 

    2024  
    2023 

    (In thousands) 
  
    Operating Leases 

    Operating lease right-of-use assets 
    $51,093  
    $29,575 
  
    Less: Accumulated amortization right-of-use assets 
     (31,644) 
     (26,651)
  
    Operating lease right-of-use assets, net 
    $19,449  
    $2,924 

    Operating lease liabilities 
    $(21,471) 
    $(3,220)

    Finance Leases 

    Property and equipment, at cost 
    $3,794  
    $3,474 
  
    Less: Accumulated depreciation 
     (3,488) 
     (3,385)
  
    Property and equipment, net 
    $306  
    $89 

    Finance lease liabilities 
    $(315) 
    $(93)

    Weighted Average Discount Rate 

    Operating lease 
     5.0%  
     5.0% 
  
    Finance lease 
     6.5%  
     6.5% 

Maturities of lease liabilities were as
follows:

    Schedule of maturities of lease 

    (In thousands) 
    Operating  
    Finance 

    Year Ending December 31, 
    Lease  
    Lease 

    2025 
    $5,233 
    $128