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Operating Leases (Tables)

9 Months Ended

Sep. 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 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

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 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

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 September 30, 2024 were as follows:


Weighted-average lease term remaining		55 months
Weighted-average discount rate		9.39	%