Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

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LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases  
SCHEDULE OF COMPONENTS OF LEASE COST

The components of lease cost for the Company’s leases were as follows (in thousands):

 

    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  
SCHEDULE OF WEIGHTED AVERAGE LEASE

The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2023, were:

 

    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 %
SCHEDULE OF OPERATING AND FINANCE LEASE LIABILITY MATURITY

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):

 

    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  
SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES

Supplemental cash flow and other information related to our leases were as follows (in thousands):

 

    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     $ —