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Operating Leases (Tables)

6 Months Ended

Jun. 30, 2024

Operating Leases

Schedule of operating lease expense recognized in financial statements

The table below summarizes the amounts recognized in the condensed consolidated financial statements related to operating leases for the periods presented (in thousands):


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2024			2023			2024			2023
Rent expense for long-term operating leases		$	314		$	312		$	628		$	621
Rent expense for short-term leases			44			83			91			178
Total rent expense		$	358		$	395		$	719		$	799

Schedule of net present value of operating lease liability

The following table presents the maturity profile of the Company’s operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the condensed consolidated balance sheet as of June 30, 2024 (in thousands):


Year		Amount
2024		$	644
2025			1,305
2026			1,336
2027			1,334
2028			964
2029 and thereafter			870
Total lease payments			6,453
Less: Interest			(1,378)
Net present value of lease liabilities		$	5,075

Current portion		$	828
Long-term portion			4,247
Total		$	5,075

Schedule of weighted average remaining lease terms and discount rates

The weighted average remaining lease terms and discount rates for all of the Company’s operating leases as of June 30, 2024 were as follows:


Weighted-average lease term remaining		57 months
Weighted-average discount rate		9.39	%