XML 26 R16.htm IDEA: XBRL DOCUMENT

Note 10 - Leases

6 Months Ended

Jun. 30, 2024

Note 10 — Leases

The Company recognizes a right-of-use (“ROU”) asset and a lease liability on the balance sheet for substantially all leases, including operating leases, and separates lease components from non-lease components related to its office space lease.

In June 2024, the Company renewed its office lease for a two-year period through March 2027 and recorded $219 in ROU assets and $219 in operating lease liabilities in association with the lease extension.

The Company’s operating lease cost as presented as G&A in the condensed statements of operations was $39 for the six months ended June 30, 2024, and $46 for the six months ended June 30, 2023. Cash paid for amounts included in the measurement of operating lease liabilities was $13 for the six months ended June 30, 2024, and $37 for the six months ended June 30, 2023. The ROU asset non-cash lease expense was $36 and $39 for the six-month periods ended June 30, 2024 and 2023, respectively, and is reflected within non-cash lease expense on the Company’s condensed statements of cash flows. As of June 30, 2024, the weighted-average remaining lease term was 2.75 years, and the weighted-average incremental borrowing rate was 8.6%.

The table below presents the lease-related assets and liabilities recorded on the balance sheet as of June 30, 2024 (in thousands).

Assets	*Classification*
Operating lease right-of-use assets	Operating lease right-of-use assets, net	$	210
Total leased assets		$	210
Liabilities
Operating lease liabilities, current	Accrued liabilities	$	74
Operating lease liabilities, noncurrent	Operating lease liabilities, net of current portion	$	145
Total operating lease liabilities		$	219

The Company’s future lease commitments as of June 30, 2024, are as indicated below:

	*Operating Lease Liabilities*
2024 (remainder of 2024)		45
2025		89
2026		90
2027		23
Undiscounted lease payments		247
Less: Imputed interest		(28	)
Total operating lease liabilities	$	219