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Lease Commitments | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Lease Commitments |
(6) | Lease Commitments
The Company’s operating lease portfolio is comprised of operating leases for office, warehouse space and equipment. Certain of the Company’s leases include one or more options to renew or terminate the lease at the Company’s discretion. The Company regularly evaluates the renewal and termination options and when they are reasonably certain of exercise, includes the renewal or termination option in our lease term. The Company has one sublease of currently unused floorspace that is month-to-month. The discount rates used for leases accounted for under ASC 842 are based on an interest rate yield curve developed for the leases in the Company’s portfolio. On September 1st of 2024 the facility located at 1319 Marquette Drive in Romeoville was extended through January 31, 2028. Additionally, on that same day, the facility located at 453 Commerce St in Burr Ridge was extended for one year. The present value of future lease payments associated with these extensions resulted in the addition of a ROU asset and lease liability totaling $1,019. The office leases contain variable lease payments which consist primarily of taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor. The Company has elected to utilize the available practical expedient to combine lease and non-lease components for building leases. Quantitative information regarding the Company’s leases is as follows:
|  | Twelve Months Ended December 31, 2024 |  |  | Twelve Months Ended December 31, 2023 |
Components of lease cost |  |  |  |  |  |  |  |
Operating lease cost components: |  |  |  |  |  |  |  |
Operating lease cost |  |  | 1,944 |  |  |  | 1,881 |
Variable lease cost |  |  | 684 |  |  |  | 581 |
Short-term lease cost |  |  | 334 |  |  |  | 112 |
Sub-lease income |  |  | (511 | ) |  |  | (786 | )
Total operating lease costs |  |  | 2,451 |  |  |  | 1,788 |
Total lease cost |  | $ | 2,451 |  |  | $ | 1,788 |
Supplemental cash flow information related to leases is as follows for the years ended December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash outflow from operating leases |  | $ | 2,115 |  |  | $ | 172 |
Lease liabilities arising from obtaining right-of-use assets |  | $ | 1,019 |  |  | $ | 182 |
Weighted-average remaining lease term-operating leases (in years) |  |  | 6.8 |  |  |  | 7.9 |
Weighted-average discount rate-operating leases |  |  | 7.6 | % |  |  | 7.1 | %
The future maturities of the Company’s operating leases as of December 31, 2024 are as follows:
2025 |  |  | $ | 1,975 |
2026 |  |  |  | 1,909 |
2027 |  |  |  | 1,965 |
2028 |  |  |  | 1,587 |
2029 |  |  |  | 1,591 |
Thereafter |  |  |  | 4,021 |
Total payments |  |  | $ | 13,048 |
Less amounts representing interest |  |  |  | (2,752 | )
Total minimum payments required |  |  | $ | 10,296 |
The Company subleases a portion of a leased industrial building that is used primarily for the storage of furniture, equipment and displays used for retail sales. The arrangement is not with a related party. Payments received by the Company for this sublease are comprised of two components, which include base rent and Common Area Maintenance (CAM) charges. While the base rent is fixed, the CAM charges are indexed directly to the Master Lease and are expected to be adjusted periodically as actual costs are incurred. However, the executed sublease agreement specifically itemizes these costs with a provision that informs the sublessee that the CAM charges will be adjusted (up or down) based on actual amounts once this information becomes known. As such, the nature of the charges is more closely representative of a fixed payment (an “in-substance fixed” charge) with the adjustments occurring simply to “true up” the listed CAM charges once actual charges from the head lessor become known. As sublessor, the Company has elected the practical expedient to not separate lease and nonlease components in disclosing future undiscounted cashflows and treats the combined components as a single lease component. As sublessor, the Company is subletting to one tenant on a month-to-month arrangement.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent + Details
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