Vision Marine Technologies Inc.
For the period ended Jul 1, 2025. Filed Jul 1, 2025.
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Jul 1, 2025 · Filed Jul 1, 2025
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EX-99.1 · Incremental borrowing rate
Incremental borrowing rate
Where the interest rate implicit in the lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based on what the Company estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.
NOTE 6 – PROPERTY AND EQUIPMENT
Property and equipment, net are as follows:
| December 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Land and land improvements | $ 4,518,495 | $ 4,518,495 |
| Building and leasehold improvements | 14,040,628 | 14,040,628 |
| Machinery and equipment | 1,906,467 | 1,442,555 |
| Office equipment and furnishings | 1,061,052 | 1,198,330 |
| Vehicles | 734,685 | 645,089 |
| 22,261,327 | 21,845,096 | |
| Less: accumulated depreciation | (3,435,790) | (2,747,761) |
| $ 18,825,537 | $ 19,097,335 |
NOTE 7 – INVENTORY
| December 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| New boats | $ 58,445,446 | $ 48,017,381 |
| Used boats | 6,820,625 | 3,250,976 |
| Motors | 1,946,575 | 2,184,966 |
| Trailers | 1,711,600 | 1,574,365 |
| Parts | 3,838,794 | 3,454,496 |
| WIP | 1,065,013 | 1,478,931 |
| Water toys | 1,492,580 | 1,392,086 |
| $ 75,320,633 | $ 61,353,201 |
NOTE 8 – RELATED PARTY TRANSACTIONS
Due to the nature of the following relationships, the terms of respective agreements might not be the same as those that would result from transactions among wholly unrelated parties.
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