Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 122

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 122
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 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 lease termination liability of $3,313 is recorded in accrued expenses and other current liabilities in the consolidated balance sheets. See Note 18, Restructuring, and Note 21, Commitments and Contingencies, for further discussion. 
    
   The Company recorded a gain of $35 on early lease termination for one of its leases, originally set to expire in  August 2027, within interest income and other on the consolidated statements of operations during the twelve months ended  December 31, 2023.
    
   During the year ended  December 31, 2023, the Company recorded an impairment charge on right-of-use assets of $2,570, included within impairment of long-lived assets within the Company's consolidated statements of operations. See Note 18, Restructuring.  No impairment charges were recorded for the year ended  December 31, 2024.
    
   The components of operating lease expenses, excluding the gain on lease termination, for the years ended  December 31, 2024 and 2023 were as follows (in thousands):

       Year ended December 31,  
   2024    2023  
 Operating lease cost  $1,498  $2,379 
 Variable lease cost   204   340 
 Total operating lease cost  $1,702  $2,719 

   Supplemental cash flow information for the years ended  December 31, 2024 and 2023 were as follows (in thousands):

       Year ended December