Quarterly report [Sections 13 or 15(d)]

Financing Lease Liabilities

v3.25.1
Financing Lease Liabilities
3 Months Ended
Mar. 31, 2025
Financing Lease Liabilities  
Financing Lease Liabilities

12.

Finance Lease Liabilities

The Company’s finance lease liabilities consist of the following:

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Finance Lease Liabilities

    

March 31, 2025

    

December 31, 2024

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Current portion of financing lease liabilities

 

370

 

309

Financing lease liabilities

 

1,077

 

931

Total financing lease liabilities

 

1,447

 

1,240

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The Company has lease arrangements for certain vehicles. These leases typically have original terms not exceeding three years and contain residual value purchase options, which are reasonably certain of being exercised. As of March 31, 2025, the Company had $1.3 million of leased vehicles included in capital assets, rolling stock (net).  For the three months ended March 31, 2025, lease principal payments totaled less than $0.1 million and lease interest payments totaled less than $0.1 million for a combined lease payment total of $0.1 million. The weighted average interest rate of the leases is 13.7%, and the weighted average remaining life was 2.9 years as of March 31, 2025.

Lease liabilities maturities including residuals as of March 31, 2025 are as follows:

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Finance Lease Liability Maturities

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March 31, 2025

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2025

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400

2026

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546

2027

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555

2028

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245

2029

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59

Total

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1,805

Less imputed interest

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358

Present value of financing lease liabilities

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1,447

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Current portion of financing lease liabilities

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370

Non-current portion of financing lease liabilities

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1,077

Total financing lease liabilities

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1,447

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