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LEASES | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
LEASES | LEASES The Company leases office space, a warehouse, and vehicles, both in the U.S. and internationally under operating and finance leases. The components of lease costs were as follows:
| For The Three Months Ended September 30, |  | For The Nine Months Ended September 30,
(in Thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease costs | $ | 328 |  |  | $ | 200 |  |  | $ | 887 |  |  | $ | 569 |
Amortization of right of use assets- finance lease | 32 |  |  | 21 |  |  | 94 |  |  | 65 |
Total lease costs | $ | 360 |  |  | $ | 221 |  |  | $ | 981 |  |  | $ | 634 |
Supplemental cash flow information and non-cash activity were as follows:
|  | For The Nine Months Ended September 30,
(in Thousands) |  | 2024 |  | 2023
Cash paid for amounts related to lease liabilities |  |  |  |
Operating cash flows from finance leases (interest) |  | $ | 8 |  |  | $ | 5 |
Operating cash flows from operating leases |  | 869 |  |  | 583 |
Financing cash flows from finance leases (principal) |  | 46 |  |  | 33 |
Right-of-use assets obtained in exchange for lease obligations |  | $ | 4,248 |  |  | $ | 777 |
Weighted-average remaining lease terms and discount rates:
|  | For The Nine Months Ended September 30,
|  | 2024 |  | 2023
Weighted-average remaining lease terms in years |  |  |  |
Operating leases |  | 7.92 |  | 2.26
Finance leases |  | 1.75 |  | 2.16
Weighted-average discount rate |  |  |  |
Operating leases |  | 6.19 | % |  | 6.55 | %
Finance leases |  | 3.68 | % |  | 3.00 | %
The aggregate annual lease obligations at September 30, 2024, were as follows:
|  | Operating Leases |  | Finance Leases
2024 |  | $ | 438 |  |  | $ | 19 |
2025 |  | 1,129 |  |  | 103 |
2026 |  | 884 |  |  | 181 |
2027 |  | 676 |  |  | — |
2028 |  | 660 |  |  | — |
Thereafter |  | 2,963 |  |  | — |
Total future minimum lease payments |  | $ | 6,750 |  |  | $ | 303 |
Less: amounts representing interest |  | 1,199 |  |  | 15 |
Present value of lease liabilities |  | 5,551 |  |  | 288 |
Less: current portion |  | 1,358 |  |  | 99 |
Long-term portion |  | $ | 4,193 |  |  | $ | 189 |
During September 2024, the Company entered into a non-cancelable sublease agreement for office space from a sublessor, which commenced in October 2024 and expires in 2029. The sublease terminates in the event the related master lease is terminated. Upon commencement, the Company began recognizing a right-of-use asset and lease liability related to the agreement in accordance with ASC 842. The lease results in future lease payments totaling approximately $9.8 million over the duration of the lease term, with certain rent abatement and customary rent increases. Lease payments under this lease begin in August 2025. Lease expense will be recognized starting from the lease commencement date in October 2024 and will continue on a straight-line basis over the lease term. Lease expense will be included in selling, general and administrative expenses in subsequent periods.
LEASES | LEASES The Company leases office space, a warehouse, and vehicles, both in the U.S. and internationally under operating and finance leases. The components of lease costs were as follows:
| For The Three Months Ended September 30, |  | For The Nine Months Ended September 30,
(in Thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease costs | $ | 328 |  |  | $ | 200 |  |  | $ | 887 |  |  | $ | 569 |
Amortization of right of use assets- finance lease | 32 |  |  | 21 |  |  | 94 |  |  | 65 |
Total lease costs | $ | 360 |  |  | $ | 221 |  |  | $ | 981 |  |  | $ | 634 |
Supplemental cash flow information and non-cash activity were as follows:
|  | For The Nine Months Ended September 30,
(in Thousands) |  | 2024 |  | 2023
Cash paid for amounts related to lease liabilities |  |  |  |
Operating cash flows from finance leases (interest) |  | $ | 8 |  |  | $ | 5 |
Operating cash flows from operating leases |  | 869 |  |  | 583 |
Financing cash flows from finance leases (principal) |  | 46 |  |  | 33 |
Right-of-use assets obtained in exchange for lease obligations |  | $ | 4,248 |  |  | $ | 777 |
Weighted-average remaining lease terms and discount rates:
|  | For The Nine Months Ended September 30,
|  | 2024 |  | 2023
Weighted-average remaining lease terms in years |  |  |  |
Operating leases |  | 7.92 |  | 2.26
Finance leases |  | 1.75 |  | 2.16
Weighted-average discount rate |  |  |  |
Operating leases |  | 6.19 | % |  | 6.55 | %
Finance leases |  | 3.68 | % |  | 3.00 | %
The aggregate annual lease obligations at September 30, 2024, were as follows:
|  | Operating Leases |  | Finance Leases
2024 |  | $ | 438 |  |  | $ | 19 |
2025 |  | 1,129 |  |  | 103 |
2026 |  | 884 |  |  | 181 |
2027 |  | 676 |  |  | — |
2028 |  | 660 |  |  | — |
Thereafter |  | 2,963 |  |  | — |
Total future minimum lease payments |  | $ | 6,750 |  |  | $ | 303 |
Less: amounts representing interest |  | 1,199 |  |  | 15 |
Present value of lease liabilities |  | 5,551 |  |  | 288 |
Less: current portion |  | 1,358 |  |  | 99 |
Long-term portion |  | $ | 4,193 |  |  | $ | 189 |
During September 2024, the Company entered into a non-cancelable sublease agreement for office space from a sublessor, which commenced in October 2024 and expires in 2029. The sublease terminates in the event the related master lease is terminated. Upon commencement, the Company began recognizing a right-of-use asset and lease liability related to the agreement in accordance with ASC 842. The lease results in future lease payments totaling approximately $9.8 million over the duration of the lease term, with certain rent abatement and customary rent increases. Lease payments under this lease begin in August 2025. Lease expense will be recognized starting from the lease commencement date in October 2024 and will continue on a straight-line basis over the lease term. Lease expense will be included in selling, general and administrative expenses in subsequent periods.

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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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