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Operating Leases | 9 Months Ended
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Sep. 30, 2024
Operating Leases |
Operating Leases | 6.Operating Leases The Company has various lease agreements for its offices and service delivery centers and has determined that the risks and benefits related to these leased properties are retained by the lessors. Accordingly, these are accounted for as operating leases. Lease agreements with a term of less than one year are treated as short-term leases and are accounted for separately as shown in the table below. Most of these lease agreements are renewable at the mutual consent of the parties to the contract. These lease agreements are for terms ranging from three to eleven years and, in most cases, provide for rent escalations ranging from 1.75% to 15%. 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 Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Rent expense for long-term operating leases | ​ | $ | 314 | ​ | $ | 311 | ​ | $ | 943 | ​ | $ | 932
Rent expense for short-term leases | ​ |  | 51 | ​ |  | 77 | ​ | ​ | 142 | ​ | ​ | 254
Total rent expense | ​ | $ | 365 | ​ | $ | 388 | ​ | $ | 1,085 | ​ | $ | 1,186
​ 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 September 30, 2024 (in thousands): ​
​ | ​ | ​ | ​
Year |  | Amount
2024 | ​ | $ | 324
2025 | ​ |  | 1,312
2026 | ​ |  | 1,339
2027 | ​ |  | 1,283
2028 | ​ |  | 1,014
2029 and thereafter | ​ |  | 866
Total lease payments | ​ |  | 6,138
Less: Interest | ​ |  | (1,256)
Net present value of lease liabilities | ​ | $ | 4,882
​ | ​ |  | ​
Current portion | ​ | $ | 855
Long-term portion | ​ |  | 4,027
Total | ​ | $ | 4,882
​ The weighted average remaining lease terms and discount rates for all of the Company’s operating leases as of September 30, 2024 were as follows: ​
​ | ​ | ​ | ​
Weighted-average lease term remaining |  | 55 months | ​
Weighted-average discount rate |  | 9.39 | %
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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