Company: LIDRW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001437749-25-033677
Chunk: 84

Company: AEye, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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 other current assets  $935  $2,706 

       14

   The Company’s advances to suppliers as of  September 30, 2025 and  December 31, 2024 had been previously written down by $1,041, respectively, associated with the winding down of its legacy Non-Automotive product as part of its revised strategic plan. See Note 15, Restructuring, for further details.

    5.   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. 
    
   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 Company recorded a net gain of $491 on termination of the operating lease during the year ended  December 31, 2024. The net gain included a gain of $5,954, comprised of a $16,325 net liability reduction, partially offset by a $10,371 decrease in its remaining right of use asset.  Additionally, in accordance with terms in the lease agreement and based on certain assumptions, the Company recorded a lease termination loss of $5,463, representing estimated unpaid rent for the remaining term. The net gain was recorded in general and administrative expenses in the condensed consolidated statement of operations and comprehensive loss. The lease termination liability was reduced by the draw-down of the $2,150 letter of credit by the landlord in  August 2024; the remaining liability of $3,313 as of  December 31, 2024 was recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheet.  
    
   On  April 28, 2025, the Company and the former landlord entered into a settlement agreement to resolve all outstanding disputes related to the early termination of the lease. Under the terms of the agreement, the Company paid $1,400 in cash and has issued a warrant to purchase up to 350,000 shares of the Company's common stock at an exercise price of $2.22 per share with an estimated fair value of $899