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Operating Leases
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Operating Leases [Abstract]    
Operating Leases

Note 7. Operating Leases

 

As of September 30, 2024, the Company has use of space in three different locations, Hoboken, NJ, Tempe, AZ, and Arlington, VA, under lease or membership agreements, which expire at various dates through November 30, 2028. The Company’s leases do not provide an implicit rate, and the rates implicit in our leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease assets and liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The Company’s leases all contain options to extend or renew the lease or membership term.

 

The table below reconciles the undiscounted future minimum lease payments under these operating leases to the total operating lease liabilities recognized on the consolidated balance sheet as of September 30, 2024 (in thousands):

 

Year  Lease Payments
Due		 
2024 (remaining three months)  $88 
2025   437 
2026   591 
2027   515 
2028   212 
Total minimum payments   1,843 
Less: imputed interest   (161)
Present value of operating lease liabilities   1,682 
Less: current portion included in other current liabilities   (385)
Long-term operating lease liabilities  $1,297 

 

Other information related to operating lease liabilities consists of the following (in thousands):

 

  

Three Months Ended

September 30,

  

Nine Months Ended

September 30,

 
   2024   2023   2024   2023 
Cash paid for operating lease liabilities (in thousands)  $117   $92   $274   $214 
Weighted average remaining lease term in years   3.5    3.9    3.5    3.9 
Weighted average discount rate   10%   10%   10%   10%

Note 14 – Operating Leases:

 

The Company has use of space in five different locations, Hoboken, NJ, Tempe, AZ, Leesburg, VA, Arlington, VA, and Minneapolis, MN, under lease or membership agreements, which expire at various dates through October 31, 2028. The Company’s leases do not provide an implicit rate, and the rates implicit in our leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease assets and liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The Company’s leases all contain options to extend or renew the lease or membership term.

 

The table below reconciles the undiscounted future minimum lease payments under these operating leases to the total operating lease liabilities recognized on the consolidate balance sheet as of December 31, 2023 (in thousands):

 

Year  Lease Payments
Due		 
2024  $383 
2025   576 
2026   592 
2027   516 
2028   191 
Total minimum payments   2,258 
Less: imputed Interest   (1,298)
Present value of operating lease liabilities   960 
Less: current portion included in other current liabilities   (120)
Long-term operating lease liabilities   840 

 

Other information related to operating lease liabilities consists of the following:

 

   Year Ended December 31, 
   2023   2022 
         
Cash paid for operating lease liabilities (in thousands)  $411   $125 
Weighted average remaining lease term in years   3.7    4.7 
Weighted average discount rate   10%   10%