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Leases | 9 Months Ended
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Sep. 30, 2024
Leases |
Leases | Note 11 – Leases The Company leases its facilities and certain equipment. Fixed rent escalates each year, and the Company is responsible for a portion of the landlords’ operating expenses such as property tax, insurance, and common area maintenance. The Company’s facility in Louisville, Colorado, is under a noncancelable operating lease with a maturity date in December 2029. In 2022, the Company amended this operating lease to incorporate a prior subleased space into the base lease and extend the term of the lease. In 2024, the Company amended this operating lease to lease additional space and further extend the term of the lease. The Company has the right to renew this operating lease for an additional five-year period. On September 1, 2021, the Company entered into an industrial operating lease agreement for its facility in Thornton, Colorado, with the initial term through March 31, 2029. Under this operating lease, the Company has one option to renew for five years, which has been included in the calculation of lease liabilities and right-of-use assets at the adoption date of the lease accounting standard on January 1, 2022, as the exercise of the option was reasonably certain. As the renewal rent has not been negotiated, the Company used an estimated rent rate which approximated the fair market rent at adoption of ASC 842 on January 1, 2022 for the extension period. The Company has certain equipment leases classified as finance leases as of September 30, 2024. The Company’s leases do not have any contingent rent payments and do not contain residual value guarantees. The components of lease expense are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, |  | Nine Months Ended September 30, | ​
​ |  | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 | ​
Finance lease costs: |  | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 58 | ​ | $ | 50 | ​ | $ | 174 | ​ | $ | 141 | ​
Interest on lease liabilities | ​ |  | 11 | ​ |  | 13 | ​ |  | 37 | ​ |  | 38 | ​
Operating lease costs | ​ |  | 302 | ​ |  | 290 | ​ |  | 883 | ​ |  | 870 | ​
Total lease expense | ​ | $ | 371 | ​ | $ | 353 | ​ | $ | 1,094 | ​ | $ | 1,049 | ​
​ The components of cash flow information related to leases are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, |  | Nine Months Ended September 30, | ​
​ |  | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 | ​
Operating outgoing cash flows – finance leases | ​ | $ | 11 | ​ | $ | 13 | ​ | $ | 38 | ​ | $ | 39 | ​
Financing outgoing cash flows – finance leases | ​ |  | 95 | ​ |  | 79 | ​ |  | 281 | ​ |  | 220 | ​
Operating outgoing cash flows – operating leases | ​ |  | 441 | ​ |  | 284 | ​ |  | 1,025 | ​ |  | 851 | ​
Right-of-use assets obtained in exchange for new finance lease liabilities: | ​ | ​ | — | ​ | ​ | 124 | ​ | ​ | — | ​ | ​ | 213 | ​
Right-of-use assets obtained in exchange for new operating lease liabilities: | ​ | ​ | 148 | ​ | ​ | — | ​ | ​ | 148 | ​ | ​ | — | ​
​ ​
​ | ​ | ​ | ​
​ |  | September 30, 2024 |
Finance lease |  |  | ​
Weighted-average remaining lease term – finance leases (in years) |  | 2.3 | ​
Weighted-average discount rate – finance leases |  | 6.6 | %
Operating lease |  | ​ | ​
Weighted-average remaining lease term – operating leases (in years) |  | 8.5 | ​
Weighted-average discount rate – operating leases |  | 6.8 | %
​ As of September 30, 2024, future minimum payments during the next five years and thereafter are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
Fiscal year |  | Finance Lease |  | Operating Lease
2024 (remaining three months) | ​ | $ | 106 | ​ | $ | 296
2025 | ​ | ​ | 310 | ​ | ​ | 1,210
2026 | ​ | ​ | 179 | ​ | ​ | 1,248
2027 | ​ | ​ | 85 | ​ | ​ | 1,288
2028 | ​ | ​ | 16 | ​ | ​ | 1,329
2029 | ​ | ​ | — | ​ | ​ | 1,211
Thereafter | ​ | ​ | — | ​ | ​ | 4,031
Total | ​ | ​ | 696 | ​ | ​ | 10,613
Less present value discount | ​ | ​ | (48) | ​ | ​ | (2,454)
Total lease liabilities | ​ | $ | 648 | ​ | $ | 8,159
​

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- References No definition available. + Details
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