RUM Group Inc.
For the period ended Dec 31, 2024. Filed Mar 25, 2025.
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FY2024 · Filed Mar 25, 2025
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7. Right-of-Use Assets and Lease Liabilities
| 7. | Right-of-Use Assets and Lease Liabilities |
The Company leases several facilities and data centers under non-cancelable operating leases. These leases have original lease periods expiring between 2025 and 2027. The lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.
| As of December 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| Accumulated | Accumulated | |||
| Cost | Amortization | Cost | Amortization | |
| Right-of-use assets | $4,109,922 | $(2,356,822) | $3,833,184 | $(1,359,281) |
| Net carrying value | $1,753,100 | $2,473,903 | ||
Operating lease costs for the years ended December 31, 2024 and 2023 were $1,175,186 and $848,849, respectively. These costs are included in general and administrative expenses in the consolidated statements of operations.
Supplemental balance sheet information related to the operating lease liabilities is as follows:
| As of December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Weighted-average remaining lease term | 1.85 years | 2.65 years |
| Weighted-average incremental borrowing rate | 7.26% | 7.52% |
The following shows the future minimum lease payments for the remaining years under the lease arrangement as of December 31, 2024:
| 2025 | $1,053,920 |
| 2026 | 745,342 |
| 2027 | 62,456 |
| Less: imputed interest* | (61,165) |
| Current portion | $1,000,643 |
| Long-term portion | $799,910 |
| * | Imputed interest represents the difference between undiscounted cash flows and cash flows |
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