Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 228

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9
Chunk 228
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 for 6,566 square feet.
    
   The Company had an option to renew the lease for another five years from  February 1, 2024 to  January 31, 2029, provided it is not in breach of the agreement, where it is required as well to furnish a notice of intent to exercise the option six months prior to termination of lease, and it furnishes a bank guarantee and insurance confirmation prior to commencement of the option period. The Company exercised the option to renew the lease for another seven years from  February 1, 2024 through  January 31, 2031, when rent is to be paid on a monthly basis in the base amount of approximately NIS 46,500 per month (approximately $12,500) at the exchange rate in effect on the date of this report and is linked to an increase (but not a decrease) in the CPI.
    
   The Company’s weighted average remaining lease term and weighted average discount rate for operating leases as of  December 31, 2024 are:

       December 31,    December 31,  
   2024    2023  
 Weighted average remaining lease term (years)   6.0   1.2 
 Weighted average discount rate   7.9%  5.6%

   The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under non-cancellable operating leases with terms of more than one year to the total operating lease liabilities recognized on the balance sheets as of  December 31, 2024:

       US$  
   thousands  
 2025   157 
 2026   157 
 2027   152 
 2028   151 
 Thereafter   315 
 Total undiscounted future minimum lease payments   932 
 Less: portion representing imputed interest   (188)
 Total undiscounted future minimum lease payments   744 

   Operating lease costs were $313,000 and $293,000 for the years ended  December 31, 2024, and 2023, respectively. Operating lease costs are included within general and administrative expenses on the statements of income.
    
   Cash paid for amounts included in the measurement of operating lease liabilities was $276,000 and $269,000 for the years ended  December 31, 2024, and