LEASES |
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| LEASES |
NOTE 5. LEASES
Greenlane as a Lessee
As of December 31, 2024, we had facilities financed under operating leases consisting of a warehouses and offices, with lease term expirations in 2026. Lease terms are generally to seven years for warehouses and office space. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides details of our future minimum lease payments under operating lease liabilities recorded in our consolidated balance sheet as of December 31, 2024. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
Rent expense under operating leases was approximately $1.4 million and $2.1 million for the years ended December 31, 2024 and 2023, respectively.
The following expenses related to our operating leases were included in “general and administrative expenses” within our consolidated statements of operations and comprehensive loss:
The table below presents the terms and discount rates of the Company’s operating leases as of December 31, 2024:
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