|
NOTE
4
LEASES
The
components of lease cost for the Company’s leases were as follows (in thousands):
SCHEDULE
OF COMPONENTS OF LEASE COST
| |
|
2023 |
|
|
2022 |
|
| |
|
Twelve
Months Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Operating Leases: |
|
|
|
|
|
|
|
|
| Lease
cost |
|
$ |
612 |
|
|
$ |
627 |
|
| |
|
|
|
|
|
|
|
|
| Finance Leases: |
|
|
|
|
|
|
|
|
| Amortization of ROU assets |
|
|
163 |
|
|
|
176 |
|
| Interest
on lease liability |
|
|
33 |
|
|
|
37 |
|
| Finance lease |
|
|
196 |
|
|
|
213 |
|
| |
|
|
|
|
|
|
|
|
| Short-term lease rent expense |
|
|
2 |
|
|
|
7 |
|
| |
|
|
|
|
|
|
|
|
| Total lease cost |
|
$ |
810 |
|
|
$ |
847 |
|
The
weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2023, were:
SCHEDULE OF WEIGHTED AVERAGE LEASE
| |
|
Operating Leases |
|
|
Finance Leases |
|
| Weighted average remaining lease
terms (years) |
|
|
5.6 |
|
|
|
4.5 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate |
|
|
7.5 |
% |
|
|
8.7 |
% |
The
weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2022, were:
| |
|
Operating Leases |
|
|
Finance Leases |
|
| Weighted average remaining lease
terms (years) |
|
|
6.2 |
|
|
|
3.0 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate |
|
|
7.8 |
% |
|
|
5.3 |
% |
The
following table reconciles the undiscounted cash flows for the operating and finance leases as of December 31, 2023, to the operating
and finance lease liabilities recorded on the balance sheet (in thousands):
SCHEDULE
OF OPERATING AND FINANCE LEASE LIABILITY MATURITY
| |
|
Operating Leases |
|
|
Finance Leases |
|
| 2024 |
|
$ |
520 |
|
|
$ |
372 |
|
| 2025 |
|
|
433 |
|
|
|
345 |
|
| 2026 |
|
|
416 |
|
|
|
192 |
|
| 2027 |
|
|
406 |
|
|
|
157 |
|
| 2028 |
|
|
383 |
|
|
|
134 |
|
| 2029 and thereafter |
|
|
366 |
|
|
|
102 |
|
| Total undiscounted lease payments |
|
|
2,524 |
|
|
|
1,302 |
|
| Less: Imputed interest |
|
|
(474 |
) |
|
|
(235 |
) |
| Present value of lease
payments |
|
$ |
2,050 |
|
|
$ |
1,067 |
|
| Current portion of operating lease
obligations |
|
$ |
380 |
|
|
$ |
— |
|
| Long-term operating lease obligations, less
current portion |
|
$ |
1,670 |
|
|
$ |
— |
|
| Current portion of finance lease obligations |
|
$ |
— |
|
|
$ |
291 |
|
| Long-term finance lease obligations, less current
portion |
|
$ |
— |
|
|
$ |
776 |
|
Supplemental
cash flow and other information related to our leases were as follows (in thousands):
SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES
| |
|
Twelve Months Ended December
31, |
|
|
Twelve Months Ended December
31, |
|
| |
|
2023 |
|
|
2022 |
|
| Cash paid for amounts included in the measurement
of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating cash
flow from operating leases |
|
$ |
582 |
|
|
$ |
573 |
|
| Operating cash flow from
finance leases |
|
$ |
32 |
|
|
$ |
37 |
|
| Financing cash flow from
finance leases |
|
$ |
189 |
|
|
$ |
860 |
|
| |
|
|
|
|
|
|
|
|
| ROU assets obtained in exchange for lease obligations
for: |
|
|
|
|
|
|
|
|
| Finance liabilities |
|
$ |
786 |
|
|
$ |
147 |
|
| Operating liabilities |
|
$ |
466 |
|
|
$ |
— |
|
|