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Note 12 - Leases

9 Months Ended

Sep. 30, 2023

Leases of Lessee and Lessor Disclosure [Text Block]

NOTE 12 LEASES

The Company has operating leases for office space that include fixed base rent payments, as well as variable rent payments to reimburse the landlord for operating expenses and taxes. The Company’s variable lease payments do not depend on a published index or rate, and therefore, are expensed as incurred. The Company includes only fixed payments for lease components in the measurement of the right-of-use asset and lease liability. There are no residual value guarantees.

Operating lease costs and variable lease costs included in general and administrative expenses for the three months ended September 30, 2023 were $0.1 million and $0.1 million, respectively ($0.3 million and $0.1 million, respectively, for the nine months ended September 30, 2023). Operating lease costs and variable lease costs included in general and administrative expenses for the three months ended September 30, 2022 were $0.2 million and less than $0.1 million, respectively ($0.7 million and $0.1 million, respectively, for the nine months ended September 30, 2022). Short-term lease costs included in general and administrative expenses for each of the three months ended September 30, 2023 and September 30, 2022 were less than $0.1 million ($0.1 million and less than $0.1 million for the nine months ended September 30, 2023 and September 30, 2022, respectively).

The annual maturities of lease liabilities as of September 30, 2023 were as follows:

(in thousands)	Lease Commitments
2023	$	124
2024		442
2025		283
2026		220
2027		162
2028 and thereafter		79
Total undiscounted lease payments		1,310
Imputed interest		140
Total lease liabilities	$	1,170

The weighted-average remaining lease term for our operating leases was 3.66 years as of September 30, 2023. The weighted-average discount rate of our operating leases was 5.99% as of September 30, 2023. Cash paid for amounts included in the measurement of lease liabilities was $0.3 million and $0.6 million for the nine months ended September 30, 2023 and September 30, 2022, respectively.