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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES The Company has operating leases for real estate and a finance lease for data center equipment. The operating and finance leases contain options to extend or terminate the leases. However, these were not included in the original accounting treatment of the leases as the Company is not reasonably certain to exercise these options. During the year ended December 31, 2024, the Company did not enter into any new operating or finance lease agreements. During the year ended December 31, 2023, the Company entered into four operating lease agreements and renewed its finance lease. There were no new operating or finance lease agreements entered into during the year ended December 31, 2022. The components of lease cost reflected on the Consolidated Statements of Operations were as follows (in thousands):
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Finance lease cost: |  |  |  |  |
Amortization of ROU assets | $ | 136 |  |  | $ | 506 |  |  | $ | 790 |
Interest on lease liabilities | 24 |  |  | 14 |  |  | 22 |
Total finance lease cost | 160 |  |  | 520 |  |  | 812 |
Operating lease cost | 1,069 |  |  | 981 |  |  | 704 |
Short-term lease cost | 524 |  |  | 379 |  |  | 320 |
Total lease cost | $ | 1,753 |  |  | $ | 1,880 |  |  | $ | 1,836 |
Other information related to leases was as follows (in thousands, except as noted within):
| As of December 31,
| 2024 |  | 2023
Finance lease ROU asset (included within Lease right-of-use assets) | $ | 227 |  |  | $ | 364 |
Operating lease ROU asset (included within Lease right-of-use assets) | $ | 5,214 |  |  | $ | 6,071 |
Weighted average remaining lease term (in years): |  |  |
Finance leases | 1.67 |  | 2.67
Operating leases | 8.32 |  | 9.18
Weighted average discount rate: |  |  |
Finance leases | 8.10 | % |  | 8.10 | %
Operating leases | 8.30 | % |  | 8.30 | %
Supplemental cash flow information related to leases was as follows (in thousands):
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | (516) |  |  | $ | (564) |  |  | $ | (790) |
Operating cash flows from finance leases | $ | (24) |  |  | $ | (14) |  |  | $ | (22) |
Financing cash flows from finance leases | $ | (129) |  |  | $ | (513) |  |  | $ | (793) |
ROU assets obtained in exchange for finance lease liabilities | $ | — |  |  | $ | 409 |  |  | $ | — |
ROU assets obtained in exchange for operating lease liabilities | $ | — |  |  | $ | 6,402 |  |  | $ | — |
To calculate the ROU assets and liabilities, the Company uses the discount rate implicit in lease agreements when available. When the implicit discount rates are not readily determinable, the Company uses the incremental borrowing rate. For lease agreements entered into or renewed during the year ended December 31, 2023, the Company determined the incremental borrowing rate from a corporate yield curve corresponding with the lease term using information available on the commencement date. Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):
| Finance leases |  | Operating leases
For the year ending: |  |  |
2025 | $ | 153 |  |  | $ | 1,079 |
2026 | 102 |  |  | 1,018 |
2027 | — |  |  | 1,033 |
2028 | — |  |  | 1,063 |
2029 | — |  |  | 1,095 |
Thereafter | — |  |  | 3,404 |
Total future lease payments | 255 |  |  | 8,692 |
Less: imputed interest | (15) |  |  | (2,465) |
Less: lease liabilities, current | (140) |  |  | (589) |
Lease liabilities, non-current | $ | 100 |  |  | $ | 5,638 |
LEASES | LEASES The Company has operating leases for real estate and a finance lease for data center equipment. The operating and finance leases contain options to extend or terminate the leases. However, these were not included in the original accounting treatment of the leases as the Company is not reasonably certain to exercise these options. During the year ended December 31, 2024, the Company did not enter into any new operating or finance lease agreements. During the year ended December 31, 2023, the Company entered into four operating lease agreements and renewed its finance lease. There were no new operating or finance lease agreements entered into during the year ended December 31, 2022. The components of lease cost reflected on the Consolidated Statements of Operations were as follows (in thousands):
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Finance lease cost: |  |  |  |  |
Amortization of ROU assets | $ | 136 |  |  | $ | 506 |  |  | $ | 790 |
Interest on lease liabilities | 24 |  |  | 14 |  |  | 22 |
Total finance lease cost | 160 |  |  | 520 |  |  | 812 |
Operating lease cost | 1,069 |  |  | 981 |  |  | 704 |
Short-term lease cost | 524 |  |  | 379 |  |  | 320 |
Total lease cost | $ | 1,753 |  |  | $ | 1,880 |  |  | $ | 1,836 |
Other information related to leases was as follows (in thousands, except as noted within):
| As of December 31,
| 2024 |  | 2023
Finance lease ROU asset (included within Lease right-of-use assets) | $ | 227 |  |  | $ | 364 |
Operating lease ROU asset (included within Lease right-of-use assets) | $ | 5,214 |  |  | $ | 6,071 |
Weighted average remaining lease term (in years): |  |  |
Finance leases | 1.67 |  | 2.67
Operating leases | 8.32 |  | 9.18
Weighted average discount rate: |  |  |
Finance leases | 8.10 | % |  | 8.10 | %
Operating leases | 8.30 | % |  | 8.30 | %
Supplemental cash flow information related to leases was as follows (in thousands):
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | (516) |  |  | $ | (564) |  |  | $ | (790) |
Operating cash flows from finance leases | $ | (24) |  |  | $ | (14) |  |  | $ | (22) |
Financing cash flows from finance leases | $ | (129) |  |  | $ | (513) |  |  | $ | (793) |
ROU assets obtained in exchange for finance lease liabilities | $ | — |  |  | $ | 409 |  |  | $ | — |
ROU assets obtained in exchange for operating lease liabilities | $ | — |  |  | $ | 6,402 |  |  | $ | — |
To calculate the ROU assets and liabilities, the Company uses the discount rate implicit in lease agreements when available. When the implicit discount rates are not readily determinable, the Company uses the incremental borrowing rate. For lease agreements entered into or renewed during the year ended December 31, 2023, the Company determined the incremental borrowing rate from a corporate yield curve corresponding with the lease term using information available on the commencement date. Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):
| Finance leases |  | Operating leases
For the year ending: |  |  |
2025 | $ | 153 |  |  | $ | 1,079 |
2026 | 102 |  |  | 1,018 |
2027 | — |  |  | 1,033 |
2028 | — |  |  | 1,063 |
2029 | — |  |  | 1,095 |
Thereafter | — |  |  | 3,404 |
Total future lease payments | 255 |  |  | 8,692 |
Less: imputed interest | (15) |  |  | (2,465) |
Less: lease liabilities, current | (140) |  |  | (589) |
Lease liabilities, non-current | $ | 100 |  |  | $ | 5,638 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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