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Note 13 - Leases

12 Months Ended

Dec. 31, 2024

Leases of Lessee and Lessor Disclosure [Text Block]

NOTE 13 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 years ended December 31, 2024 and December 31, 2023 were as follows:

(in thousands)	Years ended December 31,
	2024		2023
Operating lease cost	$	613	$	468
Variable lease cost		251		195
Short-term lease cost		102		181

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

(in thousands)	Lease Commitments
2025	$	825
2026		740
2027		590
2028		327
2029		221
2030 and thereafter		411
Total undiscounted lease payments		3,114
Imputed interest		432
Total lease liabilities	$	2,682

The weighted-average remaining lease term for operating leases was 4.61 years as of December 31, 2024. The weighted average discount rate of operating leases was 6.07% as of December 31, 2024. Cash paid for amounts included in the measurement of lease liabilities was $0.6 million and $0.5 million for the years ended December 31, 2024 and December 31, 2023, respectively.

Supplemental non-cash information related to leases for the years ended December 31, 2024 and December 31, 2023 includes right-of-use assets acquired of $2.0 million and $0.4 million, respectively, in exchange for lease obligations of $2.0 million and $0.4 million, respectively.