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Note 10 - Leases | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | (10) LEASES We determine if an arrangement is an operating or finance lease at the inception of each contract. If the contract is classified as an operating lease, we record a right-of-use (“ROU”) asset and corresponding liability reflecting the total remaining present value of fixed lease payments over the expected term of the lease agreement. The expected term of the lease may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. If our lease does not provide an implicit rate in the contract, we use our incremental borrowing rate when calculating the present value. We have 2 operating leases for office space and processing facilities with remaining lease terms ranging from less than one year to approximately five years. As most of the leases do not provide an implicit rate, we calculate the ROU assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. At December 31, 2023 and 2022, respectively, we had approximately $0.7 and $0.2 million of ROU operating lease assets recorded within buildings and equipment on the consolidated balance sheets. Operating lease expense associated with ROU assets is recognized on a monthly basis over the lease term in operating costs on the consolidated statements of operation. We entered into three finance leases during 2023, which are accounted for as failed sale-leaseback transactions. Finance lease assets are included in finance lease right-of-use assets on the consolidated balance sheets and the associated finance lease liabilities are reflected within current portion of lease financing and long-term lease financing on the consolidated balance sheets as applicable. Depreciation on our finance lease assets was $2.3 million for the year ended December 31, 2023. Imputed interest expense on our lease liabilities was $0.1 million for the year ended December 31, 2023. We deferred financing fees of $0.1 million in connection with entry into the finance leases. These deferred financing fees will be amortized on a straight-line basis over the term of the finance leases. For the year ended December 31, 2023, the amortization of finance lease deferred financing fees was immaterial. Information related to leases was as follows as of December 31 (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Operating lease information: |  |  |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 208 |  |  | $ | 218 |
Weighted average remaining lease term in years |  |  | 8.50 |  |  |  | 1.30 |
Weighted average discount rate |  |  | 9.5 | % |  |  | 6.0 | %
Finance lease information: |  |  |  |  |  |  |  |
Financing cash outflows from finance leases |  | $ | — |  |  | $ | — |
Proceeds from sale and leaseback arrangement |  |  | 11,082 |  |  |  | — |
Weighted average remaining lease term in years |  |  | 3.00 |  |  |  | — |
Weighted average discount rate |  |  | 8.5 | % |  |  | — | %
We recognized the following costs related to our leases in our consolidated balance sheets:
| Classification on Consolidated Balance Sheets |  | December 31, |
|  |  | 2023 |  |  | 2022 |
|  |  | (in thousands) |
Operating lease assets | Buildings and equipment |  | $ | 712 |  |  | $ | 230 |
Operating lease liabilities: |  |  |  |  |  |  |  |  |
Current operating lease liabilities | Accounts payable and accrued liabilities |  | $ | 58 |  |  | $ | 173 |
Non-current operating lease liabilities | Other long-term liabilities |  | $ | 654 |  |  | $ | 57 |
Total operating lease liabilities |  | $ | 712 |  |  | $ | 230 |
Finance lease assets | Finance lease right-of-use assets |  | $ | 12,346 |  |  | $ | — |
Finance lease liabilities: |  |  |  |  |  |  |  |  |
Current finance lease liabilities | Current portion of lease financing |  | $ | 3,933 |  |  | $ | — |
Non-current finance lease liabilities | Long-term lease financing |  | $ | 8,157 |  |  | $ | — |
Total finance lease liabilities |  | $ | 12,090 |  |  | $ | — |
Future minimum lease payments under non-cancellable leases as of December 31, 2023, were as follows:
Year |  | Operating Leases |  |  | Finance Leases |
|  | (in thousands) |
2024 |  | $ | 58 |  |  | $ | 4,947 |
2025 |  |  | 118 |  |  |  | 4,645 |
2026 |  |  | 122 |  |  |  | 4,333 |
2027 |  |  | 125 |  |  |  | — |
2028 |  |  | 129 |  |  |  | — |
Thereafter |  |  | 483 |  |  |  | — |
Total minimum lease payments |  | $ | 1,035 |  |  | $ | 13,925 |
Less imputed interest and deferred finance fees |  |  | (323 | ) |  |  | (1,835 | )
Total lease liability |  | $ | 712 |  |  | $ | 12,090 |

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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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