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Note 12 - Leases
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
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 June 30, 2024 were $0.1 million and $0.1 million, respectively ($0.3 million and $0.1 million, respectively, for the six months ended  June 30, 2024). Operating lease costs and variable lease costs included in general and administrative expenses for the three months ended June 30, 2023 were $0.1 million and less than $0.1 million, respectively ($0.2 million and $0.1 million, respectively, for the six months ended  June 30, 2023).  Short-term lease costs included in general and administrative expenses for each of the three months ended June 30, 2024 and  June 30, 2023 were less than $0.1 million ($0.1 million for each of the six months ended  June 30, 2024 and  June 30, 2023).

 

 

The annual maturities of lease liabilities as of June 30, 2024 were as follows:

 

(in thousands)

 

Lease Commitments

 

2024

 $260 

2025

  495 

2026

  394 

2027

  282 

2028

  172 

2029 and thereafter

  47 

Total undiscounted lease payments

  1,650 

Imputed interest

  181 

Total lease liabilities

 $1,469 

 

The weighted-average remaining lease term for our operating leases was 3.61 years as of June 30, 2024. The weighted-average discount rate of our operating leases was 6.00% as of June 30, 2024. Cash paid for amounts included in the measurement of lease liabilities was $0.3 million and $0.2 million for the six months ended June 30, 2024 and June 30, 2023, respectively.