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Note 12 - Leases | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 12. Leases The Company accounts for leases in accordance with ASC 842, “Leases.” The Company entered into a sublease agreement and lease extension agreement for office space in Beaverton, Oregon in February 2022 to move the Company’s corporate headquarters. The term of the sublease and lease extension runs through September 2030, with remaining rent payments as of September 30, 2024, totaling $8,116 plus operating expenses, payable in monthly installments. The first 26 months of rent payments and operating expenses were abated to cover the remaining lease term on the Company’s former corporate headquarters. The lease term of the Company’s former corporate headquarters in Beaverton, Oregon ended in March 202 4, with no remaining rent payments as of September 30, 2024. The Company stopped using this office space as its corporate headquarters in March 2022. All of the Company’s leases are operating leases. The following table provides additional details of leases presented in the Consolidated Balance Sheets:
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Lease right of use assets |  | $ | 3,754 |  |  | $ | 4,017 |
Lease liabilities, current |  | $ | 753 |  |  | $ | 582 |
Lease liabilities, long-term |  | $ | 5,418 |  |  | $ | 5,994 |
Weighted-average remaining life (in years) |  |  | 6.0 |  |  |  | 6.5 |
Weighted-average discount rate |  |  | 9 | % |  |  | 9 | %
The current lease liabilities are included in “accounts payable and other accrued liabilities” in the Consolidated Balance Sheets. The carrying value of the lease right of use assets is evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairment was recorded for the nine months ended September 30, 2024. An “impairment of lease right of use assets and leasehold improvements” of $250 was recorded in the Consolidated Statements of Operations for the nine months ended September 30, 2023. The impairment charge was determined by comparing the carrying value of the assets to the net present value of estimated cash flows from the future sublease of the office space over the remaining lease term. Operating lease expense is included in “operating expenses” in the Consolidated Statements of Operations and in “cash flows from operating activities” in the Consolidated Statements of Cash Flows. The operating leases include variable lease payments, which are included in operating lease expense. Additional details of the Company’s operating leases are presented in the following table:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 363 |  |  | $ | 347 |  |  | $ | 1,110 |  |  | $ | 1,189 |
Cash paid for operating leases |  | $ | 445 |  |  | $ | 260 |  |  | $ | 1,209 |  |  | $ | 909 |
The table below reconciles the aggregate cash payment obligations for the next five years and total of the remaining years for the operating lease liability recorded in the Consolidated Balance Sheets as of September 30, 2024:
|  | Cash |
|  | Payment |
As of September 30, 2024 |  | Obligations |
Remaining in 2024 |  | $ | 323 |
2025 |  |  | 1,317 |
2026 |  |  | 1,356 |
2027 |  |  | 1,397 |
2028 |  |  | 1,296 |
Thereafter |  |  | 2,455 |
Total lease payments |  |  | 8,144 |
Imputed interest |  |  | (1,973 | )
Total minimum lease payments |  | $ | 6,171 |

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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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