Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.24.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2024
Leases  
Schedule of Components of Lease Cost

The components of lease cost for the Company’s leases for the three and nine months ended September 30, 2024, and 2023 were as follows (in thousands):

 

                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2024     2023     2024     2023  
                         
Operating Leases:                                
Lease cost   $ 129     $ 157     $ 420     $ 470  
                                 
Finance Leases:                                
Amortization of ROU assets     65       39       196       115  
Interest on lease liability     20       9       63       22  
Finance lease     85       48       259       137  
                                 
Short-term lease rent expense     1       —       3       1  
                                 
Total lease cost   $ 215     $ 205     $ 682     $ 608  
Schedule of Weighted Average Lease

The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at September 30, 2024, were:

 

    Operating Leases     Finance Leases  
Weighted average remaining lease terms (years)     4.9       3.9  
                 
Weighted average discount rate     7.7 %     9.0 %

 

The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at September 30, 2023, were:

 

    Operating Leases     Finance Leases  
Weighted average remaining lease terms (years)     5.7       3.2  
                 
Weighted average discount rate     7.5 %     7.0 %
Schedule of Operating and Finance Lease Liability Maturity

The following table reconciles the undiscounted cash flows for the operating and finance leases at September 30, 2024, to the operating and finance lease liabilities recorded on the balance sheet (in thousands):

 

    Operating Leases     Finance Leases  
2024   $ 108     $ 91  
2025     486       345  
2026     479       192  
2027     447       157  
2028     343       134  
2029 and thereafter     407       102  
Total undiscounted lease payments     2,270       1,021  
Less: Imputed interest     (429 )     (172 )
Present value of lease payments   $ 1,841     $ 849  
                 
Current portion of operating lease obligations   $ 320     $ —  
Long-term operating lease obligations, less current portion   $ 1,521     $ —  
Current portion of finance lease obligations   $ —     $ 285  
Long-term finance lease obligations, less current portion   $ —     $ 564  
Schedule of Supplemental Cash Flow and Other Information Related to Leases

Supplemental cash flow and other information related to our leases were as follows for the three and nine months ended September 30, 2024, and 2023 (in thousands):

 

                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2024     2023     2024     2023  
Cash paid for amounts included in the measurement of lease liabilities:                        
Operating cash flow used in operating leases   $ 119     $ 145     $ 415     $ 435  
Operating cash flow used in finance leases   $ 20     $ 9     $ 63     $ 22  
Financing cash flow used in finance leases   $ 72     $ 54     $ 218     $ 135  
                                 
ROU assets obtained in exchange for lease obligations for:                                
Finance liabilities   $ —     $ 154     $ —     $ 311  
Operating liabilities   $ —       484     $ 497     $ 484  
                                 
Reduction to ROU assets resulting from purchase of underlying asset:                                
Operating liabilities     404       —       404       —