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Note 12 - Leases

9 Months Ended

Sep. 30, 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, variable lease costs and short-term lease costs included in general and administrative expenses for the three and nine months ended September 30, 2024 and September 30, 2023 were as follows:

(in thousands)	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	140	$	108	$	423	$	347
Variable lease cost		61		52		198		132
Short-term lease cost		24		47		74		135

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

(in thousands)	Lease Commitments
2024	$	168
2025		684
2026		594
2027		440
2028		172
2029 and thereafter		47
Total undiscounted lease payments		2,105
Imputed interest		206
Total lease liabilities	$	1,899

The weighted-average remaining lease term for our operating leases was 3.34 years as of September 30, 2024. The weighted-average discount rate of our operating leases was 5.86% as of September 30, 2024. Cash paid for amounts included in the measurement of lease liabilities was $0.4 million and $0.3 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.