A 26-lease register as of Dec 31, 2025 — offices, vehicles, lab equipment, and one GPU capacity agreement that never uses the word "lease." Every schedule must amortize to exactly zero and the disclosure table must tie to the liability, or this page does not publish. Synthetic, seeded data.
"GPU capacity services agreement" — 48 months, $240K/month, dedicated racks. The contract calls itself a services agreement. ASC 842's tests disagree: there is an identified asset (specific, physically distinct hardware, no substitution right that benefits the supplier) and the customer controls its use (decides what runs on it, when, and gets substantially all its output). Dedicated capacity in a compute contract is a lease whatever the title page says — and at $10.1M it moves the balance sheet more than every office combined. Specialized-asset criterion → finance classification.
This is the live ASC 842 question for AI companies: GPU and data-center agreements signed as "services" that contain identified, dedicated hardware. The register exists to catch them at signing, not at audit.
Total liability from Jan 2026 forward as schedules amortize. Every lease's roll-forward (beginning + interest − payment) must land at exactly zero in its final month — the terminal-residue check treats a stray cent as a modeling error, because that is what a stray cent is.
| Lease | Class | Start | Term | IBR | PV / FV | Liability | ROU |
|---|---|---|---|---|---|---|---|
| GPU capacity services agreement | finance | 2025-03 | 48 mo | 6.80% | — | $8,184K | $7,965K |
| HQ — Mission St, SF | operating | 2023-04 | 84 mo | 5.50% | 71% | $4,741K | $4,537K |
| London office — Shoreditch | operating | 2025-01 | 72 mo | 5.80% | 89% | $2,748K | $2,702K |
| NYC office — Hudson Yards | operating | 2024-02 | 60 mo | 6.00% | 62% | $2,241K | $2,174K |
| Austin office | operating | 2024-09 | 48 mo | 6.00% | 46% | $753K | $739K |
| Lab equipment #212 | finance | 2022-09 | 60 mo | 5.00% | 97% | $156K | $144K |
| Fleet vehicle #104 | finance | 2025-12 | 36 mo | 6.60% | — | $111K | $110K |
| Lab equipment #205 | finance | 2022-12 | 60 mo | 5.00% | 109% | $107K | $99K |
| Fleet vehicle #109 | finance | 2024-11 | 36 mo | 6.80% | — | $76K | $74K |
| Lab equipment #207 | finance | 2023-04 | 60 mo | 6.00% | 101% | $70K | $64K |
Highlighted rows: the embedded lease, and "London office — Shoreditch" at PV/FV = 88.9% — just under the 90% "substantially all" threshold, so operating. ASC 842 removed the bright lines on purpose; the register keeps the judgment visible instead of burying it: decided at the line, documented at the line.
| Year | Payments |
|---|---|
| 2026 | $6.40M |
| 2027 | $6.19M |
| 2028 | $5.88M |
| 2029 | $2.51M |
| 2030 | $1.00M |
| thereafter | $0.00M |
| Total undiscounted | $21.98M |
| Less imputed interest | ($2.31M) |
| Carrying amount | $19.67M |
The footnote table is not decoration — undiscounted payments less imputed interest must equal the balance-sheet liability to the cent, and validation recomputes it from the raw schedules every run.
Two leases under 12 months (swing space, event equipment) take the ASC 842-20-25-2 exemption: straight-line expense, no ROU, no liability. Validation asserts they stay off the balance sheet — an exemption applied is also a control to test.
Synthetic, seeded data
(random.seed(842)). Generator, schedules, and checks:
github.com/Lumimama/finance/lease-accounting.