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Leased Assets | 12 Months Ended
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Dec. 31, 2024
Leased Assets [Abstract] |
LEASED ASSETS | 7. Leased Assets The Company leases certain of its real estate and equipment. The Company has evaluated all its leases and determined that all are operating leases under the definitions of the guidance of ASU 2016-02. The Company’s lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants. The Company uses the effective interest method to record right-of-use assets equal to the present value of the contractual liability for future lease payments. The table below presents the right-of-use assets and related lease liabilities recognized on the condensed consolidated balance sheet as of December 31, 2024:
|  | Balance Sheet Line Item |  | December 31, 2024 |  |  | December 31, 2023 |
Right-of-use assets |  | Other assets |  | $ | 2,345 |  |  | $ | 2,781 |
Operating lease liabilities |  |  |  |  |  |  |  |  |  |
Current portion |  | Trade accounts payable and accrued expenses |  | $ | 598 |  |  | $ | 611 |
Noncurrent portion |  | Lease liabilities |  |  | 1,747 |  |  |  | 2,170 |
Total operating lease liabilities |  |  |  | $ | 2,345 |  |  | $ | 2,781 |
The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight line basis over the life of the lease. The Company’s leases generally do not provide an implicit interest rate, and therefore the Company calculates an incremental borrowing rate to determine the present value of its operating lease liabilities. The table below includes cash paid for our operating lease liabilities, other non-cash information, our weighted average remaining lease term and weighted average discount rate:
|  | Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 796 |  |  | $ | 796 |
Cash amounts paid for short-term leases |  | $ | 449 |  |  | $ | 565 |
Right-of-use assets obtained in exchange for lease liabilities |  | $ | — |  |  | $ | — |
Weighted average remaining lease term (years) |  |  | 7.7 |  |  |  | 7.9 |
Weighted average discount rate |  |  | 8.0% |  |  |  | 5.0% |
The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the condensed consolidated balance sheet as of December 31, 2024:
2025 |  | $ | 765 |
2026 |  |  | 771 |
2027 |  |  | 295 |
2028 |  |  | 160 |
2029 |  |  | 160 |
Thereafter |  |  | 800 |
Total undiscounted future minimum lease payments |  |  | 2,951 |
Less: Difference between undiscounted lease payments & the present value of future lease payments |  |  | (606 | )
Total operating lease liabilities |  | $ | 2,345 |
Certain of the Company’s lease agreements contain renewal options at the Company’s discretion. The Company does not recognize right-of-use assets or lease liabilities for leases of one year or less or for renewal periods unless it is reasonably certain that the Company will exercise the renewal option at the inception of the lease or when a triggering event occurs. The Company’s weighted average remaining lease term for operating leases as of December 31, 2024 is 7.7 years.

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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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