Company: GCTS
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044438
Chunk: 180

Company: GCT Semiconductor Holding, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 180
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 payments. For office space leases, variable payments include payments for the Company’s proportionate share of the building’s property taxes, insurance, and common area maintenance. For office equipment leases for which the Company has elected not to separate lease and non-lease components, maintenance services are provided by the lessor at a fixed cost and are included in the fixed lease payments for the single, combined lease component. The Company also elected to discount its office equipment lease liabilities using a risk-free rate.Operating lease expense was $0.8 million for each of the years ended December 31, 2024 and 2023.Other information related to operating leases was as follows: 

        December 31,

        December 31,

        2024

        2023

        Weighted average remaining lease term
         
        1.36 years

        2.25 years

        Weighted average discount rate

        4.25
        %

        4.66
        %
       
      Maturities of operating lease liabilities under noncancellable leases are as follows (in thousands): 

        Amount

        2025
         
        $
        717

        2026

        183

        Total undiscounted lease payments

        900

        Less: imputed interest

        (26
        )

        Total operating lease liabilities
         
        $
        874

       Accrued and other current liabilitiesAccrued and other current liabilities consist of the following (in thousands): 

        December 31,

        December 31,

        2024

        2023

        Payroll and related expenses
         
        $
        8,193

        $
        9,880

        Accrued payables

        7,881

        6,319

        Other taxes payable

        3,533

        158

        Current portion of interest payable

        762

        6,915

        Other

        836

        684

        Total accrued and other current liabilities
         
        $
        21,205

        $
        23,956

 64

GCT SEMICONDUCTOR HOLDING, INC.Notes to Consolidated Financial Statements 

Contract AssetsThe following represents the activity related to contract assets (in thousands): 

        Year EndedDecember 31,

        2024

        2023

        Beginning of period