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| Leases | Leases Leases Under Crown Electrokinetics Film Division
The Company’s Crown Electrokinetics operating segment leases and subleases various office and laboratory spaces under non-cancelable operating leases with various expiration dates through fiscal 2027, certain of which contain renewal provisions. These renewal provisions are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. The Company’s Crown Electrokinetics Film operating segment have no lease agreements that are classified as finance leases.
In March 2021, the Company entered into a lease agreement with Hudson 11601 Wilshire, LLC, to lease 3,500 square feet of office space located in Los Angeles, California. The lease term is 39 months and expires on June 30, 2024. In April 2024, the Company entered into the first amendment for the Hudson lease to revise the payment schedule for the remaining lease term expiring on June 30, 2024. Subsequently, the Company entered into the second amendment in June 2024 to extend the lease term. The second amended lease expires in September 2027. The Company recorded a right-of-use asset of approximately $0.6 million and lease liabilities of approximately $0.6 million related to the first and second amended lease agreements
Leases Under Crown Fiber Optics Division
The Crown Fiber Optics operating segment of the Company leases various offices, storage spaces, and equipment under non-cancelable operating leases. These leases have expiration dates through fiscal 2026. Certain leases include renewal options; however, these renewal options are not considered reasonably certain to be exercised and are therefore excluded from the calculation of lease payments. The Crown Fiber Optics operating segment does not have any lease agreements classified as finance leases.
The components of lease expense are as follows (in thousands):
Supplemental cash flow information are as follows (in thousands):
Present value assumptions used in calculating the present value of lease payments for the operating leases were as follows:
As of June 30, 2024, future minimum payments are as follows (in thousands):
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