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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES The Company’s leasing activities include operating leases of its corporate office space from a related party (See Note 13. Related Party Transactions) and other operating and finance leases of vehicles and office space for the Company’s European operations. At the inception of a contract, the Company determines whether it is or contains a lease based on specific criteria, including the use of a distinct identified asset, rights to economic benefits, and control over the asset's use. Consideration in the contract is allocated to lease and non-lease components based on relative stand-alone prices, with separate accounting for each. Leases are classified as either finance or operating leases per ASC Topic 842, with real estate comprising the majority of operating leases, and vehicles under finance leases. At lease commencement, a lease liability is recorded at the present value of lease payments, using the implicit rate or the Company’s incremental borrowing rate, alongside a corresponding right-of-use ("ROU") asset. This asset includes initial lease payments and excludes incentives, and may be adjusted for options to extend or terminate the lease. Operating lease expenses are recognized on a straight-line basis over the lease term, including any variable payments not part of the initial liability, and these expenses are included in selling, general, and administrative expenses. Finance lease expenses are split between ROU asset amortization, over the shorter of the asset's useful life or lease term, and interest expense calculated using the effective interest rate method. The future annual minimum lease payments required under the Company’s leases as of December 31, 2023 were as follows:
Future minimum lease payments |  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 1,075 |  |  | $ | 67 |  |  | $ | 1,142 |
2025 |  | 422 |  |  | 84 |  |  | 506 |
2026 |  | 344 |  |  | 118 |  |  | 462 |
2027 |  | 148 |  |  | — |  |  | 148 |
2028 |  | 140 |  |  | — |  |  | 140 |
Total future minimum lease payments |  | 2,129 |  |  | 269 |  |  | 2,398 |
Less: Amount representing interest |  | (194) |  |  | (17) |  |  | (211) |
Present value of lease liabilities |  | 1,935 |  |  | 252 |  |  | 2,187 |
Less: current portion |  | (980) |  |  | (59) |  |  | (1,039) |
Long-term portion |  | $ | 955 |  |  | $ | 193 |  |  | $ | 1,148 |
LEASES | LEASES The Company’s leasing activities include operating leases of its corporate office space from a related party (See Note 13. Related Party Transactions) and other operating and finance leases of vehicles and office space for the Company’s European operations. At the inception of a contract, the Company determines whether it is or contains a lease based on specific criteria, including the use of a distinct identified asset, rights to economic benefits, and control over the asset's use. Consideration in the contract is allocated to lease and non-lease components based on relative stand-alone prices, with separate accounting for each. Leases are classified as either finance or operating leases per ASC Topic 842, with real estate comprising the majority of operating leases, and vehicles under finance leases. At lease commencement, a lease liability is recorded at the present value of lease payments, using the implicit rate or the Company’s incremental borrowing rate, alongside a corresponding right-of-use ("ROU") asset. This asset includes initial lease payments and excludes incentives, and may be adjusted for options to extend or terminate the lease. Operating lease expenses are recognized on a straight-line basis over the lease term, including any variable payments not part of the initial liability, and these expenses are included in selling, general, and administrative expenses. Finance lease expenses are split between ROU asset amortization, over the shorter of the asset's useful life or lease term, and interest expense calculated using the effective interest rate method. The future annual minimum lease payments required under the Company’s leases as of December 31, 2023 were as follows:
Future minimum lease payments |  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 1,075 |  |  | $ | 67 |  |  | $ | 1,142 |
2025 |  | 422 |  |  | 84 |  |  | 506 |
2026 |  | 344 |  |  | 118 |  |  | 462 |
2027 |  | 148 |  |  | — |  |  | 148 |
2028 |  | 140 |  |  | — |  |  | 140 |
Total future minimum lease payments |  | 2,129 |  |  | 269 |  |  | 2,398 |
Less: Amount representing interest |  | (194) |  |  | (17) |  |  | (211) |
Present value of lease liabilities |  | 1,935 |  |  | 252 |  |  | 2,187 |
Less: current portion |  | (980) |  |  | (59) |  |  | (1,039) |
Long-term portion |  | $ | 955 |  |  | $ | 193 |  |  | $ | 1,148 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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