XML 49 R38.htm IDEA: XBRL DOCUMENT v3.24.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Schedule of Components of Lease Expenses
Components of the Company’s lease expenses are as follows (in thousands):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Finance leases:
Amortization of ROU assets (1)
$761 $1,481 $2,283 $3,297 
Interest on lease liability346 600 1,108 1,478 
Total finance lease expense1,107 2,081 3,391 4,775 
Operating leases:
Operating lease expense542 470 1,528 1,391 
Total operating lease expense542 470 1,528 1,391 
Total lease expense$1,649 $2,551 $4,919 $6,166 
(1)Amortization of finance lease ROU asset 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 September 30,Nine months ended September 30,
 2024202320242023
Operating cash flows - operating lease$480 $396 $1,320 $1,187 
Right-of-use assets obtained in exchange for operating lease liabilities$961 $— $4,375 $— 
September 30, 2024December 31, 2023
Weighted-average remaining lease term – finance lease (in years)2.93.7
Weighted-average remaining lease term – operating lease (in years)8.55.8
Weighted-average discount rate – finance lease11.0 %11.0 %
Weighted-average discount rate – operating lease7.9 %10.0 %
Finance lease ROU assets(1)
$8,878 $11,160 
(1)As of September 30, 2024, the Company recorded accumulated amortization of $2.3 million for the finance lease ROU asset. Finance lease ROU assets are recorded within property and equipment, net on the Company’s consolidated balance sheets.
Schedule of Finance Leases Maturity
As of September 30, 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$1,208 $723 $1,931 
Year Ended December 31, 20254,834 3,811 8,645 
Year Ended December 31, 20264,834 2,106 6,940 
Year Ended December 31, 20273,223 2,112 5,335 
Year Ended December 31, 2028- 2,087 2,087 
Thereafter- 3,427 3,427 
Total lease payments14,099 14,266 28,365 
Less present value discount(2,085)(3,124)(5,209)
Total$12,014 $11,142 $23,156 
Schedule of Operating Lease Maturity
As of September 30, 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$1,208 $723 $1,931 
Year Ended December 31, 20254,834 3,811 8,645 
Year Ended December 31, 20264,834 2,106 6,940 
Year Ended December 31, 20273,223 2,112 5,335 
Year Ended December 31, 2028- 2,087 2,087 
Thereafter- 3,427 3,427 
Total lease payments14,099 14,266 28,365 
Less present value discount(2,085)(3,124)(5,209)
Total$12,014 $11,142 $23,156