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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases |
LEASES | 10. LEASES In the U.S., the Company owns its two main operating facilities located in Exton, Pennsylvania. In addition to the owned facilities, the Company also has operations in other locations that are leased, as well as other leased assets. In conjunction with the guidance for leases, as defined by FASB ASC Topic 842, Leases, the Company has described the existing leases, which are all classified as operating leases, pursuant to the below. In the U.S., the Company leases a facility in Houston, Texas, which currently provides manufacturing, stocking, and sales operations, with the lease term running through October 2024, and a facility in Malvern, Pennsylvania, with a three year term ending in December 2024, that provides warehousing. Additionally, the Company has an operating lease agreement for its corporate office space in Middletown, Connecticut, with the lease term ending in June 2027. In the U.K., the Company leases a facility in Banbury, England, which serves manufacturing, warehousing, and other operational functions. The lease in Banbury has a 15-year term ending in March 2036. With a lease commencement date of January 1, 2024, the Company leased a facility in West Chester, Pennsylvania providing approximately 28,000 square feet of warehousing and storage, quality control, distribution, and corporate office space. See Note 14. Subsequent Events to the Consolidated Financial Statements included in this report. In addition to property rentals, the Company also has lease agreements in place for various fleet vehicles and equipment with various lease terms. As of December 31, 2023, the Company has right-of-use assets of $2,940,000, and a lease liability of $2,946,000, of which $454,000 is reported as a current liability. As of December 31, 2022, the Company recorded right-of-use assets of $3,205,000, and a lease liability of $3,210,000, of which $447,000 was reported as a current liability. The respective weighted average remaining lease term and discount rate are approximately 10.57 years and 1.07% as of December 31, 2023. Rent expense for operating leases was $467,000, $504,000, and $421,000 for the years ended December 31, 2023, 2022 and 2021, respectively. Future minimum lease payments under non-cancelable leases as of December 31, 2023 are as follows: SCHEDULE OF FUTURE MINIMUM RENTAL PAYMENTS FOR OPERATING LEASES
Twelve Months Ending December 31, |  | Operating Leases |
|  | (in thousands) |
2024 |  | $ | 482 |
2025 |  |  | 316 |
2026 |  |  | 296 |
2027 |  |  | 250 |
2028 |  |  | 215 |
Thereafter |  |  | 1,541 |
Total Future Minimum Lease Payments |  |  | 3,100 |
Less: Interest |  |  | 154 |
Lease Liability |  |  | 2,946 |
Less: Current Portion of Lease Liability |  |  | 454 |
Lease Liability – Net of Current Portion |  | $ | 2,492 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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