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Note 12 - Leases

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 were $0.1 million and $0.1 million, respectively. Operating lease costs and variable lease costs included in general and administrative expenses for the three months ended March 31, 2023 were $0.1 million and less than $0.1 million, respectively. Short-term lease costs included in general and administrative expenses for each of the three months ended March 31, 2024 and March 31, 2023 were less than $0.1 million.

The annual maturities of lease liabilities as of March 31, 2024 were as follows:

(in thousands)	Lease Commitments
2024	$	396
2025		436
2026		334
2027		257
2028		172
2029 and thereafter		47
Total undiscounted lease payments		1,642
Imputed interest		186
Total lease liabilities	$	1,456

The weighted-average remaining lease term for our operating leases was 3.76 years as of March 31, 2024. The weighted-average discount rate of our operating leases was 6.14% as of March 31, 2024. Cash paid for amounts included in the measurement of lease liabilities was $0.2 million and $0.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively.