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Leases (Tables) | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Schedule of Components of Lease Expenses | Components of the Company’s lease expenses are as follows (in thousands):
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
Finance leases: |  |  |  |  |  |
Amortization of ROU assets (1) |  | $ | 761 |  |  | $ | 789 |
Interest on lease liability |  |  | 392 |  |  |  | 401 |
Total finance lease expense |  |  | 1,153 |  |  |  | 1,190 |
Operating leases: |  |  |  |  |  |
Operating lease expense |  |  | 439 |  |  |  | 371 |
Short-term lease rent expense |  |  | - |  |  |  | 83 |
Total operating lease expense |  |  | 439 |  |  |  | 454 |
Total lease expense |  | $ | 1,592 |  |  | $ | 1,644 |
__________ (1) Amortization of finance lease ROU assets is included within depreciation expense.
Schedule of Other Information Related to Leases | Other information related to the Company’s leases is shown below (dollar amounts in thousands):
|  | Three months ended March 31, |
|  | 2024 |  |  | 2023 |
Operating cash flows - operating lease |  | $ | 401 |  |  | $ | 395 |
|  | March 31, 2024 |  |  | December 31, 2023 |
Weighted-average remaining lease term – finance lease (in years) |  |  | 3.4 |  |  |  | 3.7 |
Weighted-average remaining lease term – operating lease (in years) |  |  | 5.7 |  |  |  | 5.8 |
Weighted-average discount rate – finance lease |  |  | 11.0 | % |  |  | 11.0 | %
Weighted-average discount rate – operating lease |  |  | 9.9 | % |  |  | 10.0 | %
Finance lease ROU assets (1) |  | $ | 10,399 |  |  | $ | 11,160 |
__________ (1) As of March 31, 2024 and December 31, 2023, the Company had recorded accumulated amortization of approximately $2.0 million and $1.3 million, respectively, for the finance lease ROU assets. Finance lease ROU assets are recorded within property and equipment, net on the Company’s consolidated balance sheets.
Schedule of Future Minimum Lease Payments | As of March 31, 2024, future minimum lease payments during the next five years are as follows (in thousands):
|  | Finance Lease |  |  | Operating Lease |  |  | Total |
Year Ended December 31, 2024 |  | $ | 3,626 |  |  | $ | 1,428 |  |  | $ | 5,054 |
Year Ended December 31, 2025 |  |  | 4,834 |  |  |  | 3,383 |  |  |  | 8,217 |
Year Ended December 31, 2026 |  |  | 4,834 |  |  |  | 1,668 |  |  |  | 6,502 |
Year Ended December 31, 2027 |  |  | 3,223 |  |  |  | 699 |  |  |  | 3,922 |
Year Ended December 31, 2028 |  |  | - |  |  |  | - |  |  |  | - |
Thereafter |  |  | - |  |  |  | 2,520 |  |  |  | 2,520 |
Total lease payments |  |  | 16,517 |  |  |  | 9,698 |  |  |  | 26,215 |
Less present value discount |  |  | (2,801 | ) |  |  | (2,469 | ) |  |  | (5,270 | )
Total |  | $ | 13,716 |  |  | $ | 7,229 |  |  | $ | 20,945 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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