Leases

6 Months Ended

Jun. 30, 2024

Note 5: Leases

The Company has operating leases for real estate (primarily its operating facilities) and certain equipment with various expiration dates. The Company also has one finance lease for certain equipment. Rent expense was $513,000 and $248,000, for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company’s rent expense was $935,000 and $460,000, respectively. Cash paid for operating leases during the six months ended June 30, 2024, was $623,000.

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Operating leases:
Right of use assets	$	6,212	$	4,116

Operating lease liabilities, current	$	988	$	751
Operating lease liabilities, noncurrent		5,554		3,506
Total operating lease liabilities	$	6,542	$	4,257

Finance leases:
Right of use assets	$	122	$	147

Finance lease liabilities, current	$	44	$	52
Finance lease liabilities, noncurrent		86		104
Total finance lease liabilities	$	130	$	156

Maturities of lease liabilities for the Company’s operating and finance leases are as follows as of June 30, 2024 (in thousands):


	Operating Leases			Finance Leases			Total
2024 (remaining six months)	$	800		$	31		$	831
2025		1,681			32			1,713
2026		1,841			22			1,863
2027		1,725			22			1,747
2028		1,361			22			1,383
Thereafter		1,279			22			1,301
Total lease payments		8,687			151			8,838
Less: imputed interest		(2,145	)		(21	)		(2,166	)
Present value of lease liabilities	$	6,542		$	130		$	6,672

The weighted average remaining lease term for operating leases is 4.8 years, and 4.4 years for finance leases. The weighted average discount rate for operating leases is 10.9% and 6.3% for finance leases.