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Note 10 - Leases | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
(10) | LEASES
We have operating leases for office space and processing facilities with remaining lease terms ranging from 1 month to 8 years. As most of the leases do not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. Imputed interest on our operating leases were $0.3 million and $0.3 million for the three and six months ended June 30, 2024. During the six months ended June 30, 2024, we entered into four finance leases that were accounted for as failed sale-leaseback transactions. Finance lease assets are included in finance lease right-of-use assets on the condensed consolidated balance sheets and the associated finance lease liabilities are reflected within current portion of lease financing and long-term lease financing on the condensed consolidated balance sheets, as applicable. Depreciation on our finance lease assets was $1.1 million and $2.2 million for the three and six months ended June 30, 2024 . Imputed interest on our finance leases was $0.1 million and $2.0 million for the three and six months ended June 30, 2024 . We deferred financing fees of $0.2 and $0.1 million at June 30, 2024 and December 31, 2023, respectively, 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. We did not have finance leases during the three and six months ended June 30, 2023. The following information relates to our leases (dollar amounts in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 52 |  |  | $ | 52 |  |  | $ | 104 |  |  | $ | 104 |
Weighted average remaining lease term in years |  |  | 7.6 |  |  |  | 0.95 |  |  |  | 7.6 |  |  |  | 0.95 |
Weighted average discount rate |  |  | 10.5 | % |  |  | 6.0 | % |  |  | 10.5 | % |  |  | 6.0 | %
Finance lease information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing cash outflows from finance leases |  | $ | 1,427 |  |  |  | — |  |  | $ | 2,665 |  |  |  | — |
Proceeds from sale and leaseback arrangement |  | $ | 1,856 |  |  |  | — |  |  | $ | 3,783 |  |  |  | — |
Weighted average remaining lease term in years |  |  | 2.64 |  |  |  | — |  |  |  | 2.64 |  |  |  | — |
Weighted average discount rate |  |  | 8.5 | % |  |  | — |  |  |  | 8.5 | % |  |  | — |
Future minimum lease payments under non-cancellable leases as of June 30, 2024, were as follows:
|  | Operating |  |  | Finance |
|  | Leases |  |  | Leases |
|  | (In thousands) |
2024 |  | $ | 8 |  |  | $ | 3,745 |
2025 |  |  | 118 |  |  |  | 7,490 |
2026 |  |  | 122 |  |  |  | 7,177 |
2027 |  |  | 125 |  |  |  | 662 |
2028 |  |  | 129 |  |  |  | — |
Thereafter |  |  | 483 |  |  |  | — |
Total minimum lease payments |  | $ | 985 |  |  | $ | 19,074 |
Less imputed interest and deferred finance fees |  |  | (347 | ) |  |  | (2,171 | )
Total lease liability |  | $ | 638 |  |  | $ | 16,903 |
The following are reflected within the indicated condensed consolidated balance sheet line items:
|  |  | For the Six Months Ended June 30, |  |  | For the Year Ended December 31, |
|  |  | 2024 |  |  | 2023 |
|  |  | (In thousands) |
Operating lease assets | Buildings and equipment |  | $ | 638 |  |  | $ | 712 |
Operating lease liabilities: |  |  |  |  |  |  |  |  |
Current operating lease liabilities | Accounts payable and accrued liabilities |  | $ | 8 |  |  | $ | 58 |
Non-current operating lease liabilities | Other long-term liabilities |  |  | 630 |  |  |  | 654 |
Total operating lease liability |  | $ | 638 |  |  | $ | 712 |
Finance lease assets | Finance lease right-of-use assets |  | $ | 19,869 |  |  | $ | 12,346 |
Finance lease liabilities: |  |  |  |  |  |  |  |  |
Current finance lease liabilities | Current portion of lease financing |  | $ | 6,204 |  |  | $ | 3,933 |
Non-current finance lease liabilities | Long-term lease financing |  |  | 10,699 |  |  |  | 8,157 |
Total finance lease liabilities |  | $ | 16,903 |  |  | $ | 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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