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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 8. Leases The Company has operating leases for office and warehouse space and equipment under various arrangements which provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists of operating leases which expire at various dates through 2029. Certain of the Company’s lease arrangements contain renewal provisions, exercisable at the Company's option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Operating lease cost was $0.5 million for the three months ended September 30, 2024, of which $0.1 million was included in cost of goods sold and $0.4 million was included in selling, general and administrative expenses. Operating lease cost was $1.2 million for the nine months ended September 30, 2024, of which $0.4 million was included in cost of goods sold and $0.8 million was included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. Information related to leases (in thousands):
|  | Three Months Ended |  |  | Three Months Ended |
Operating cash flow information: |  | September 30, 2024 |  |  | September 30, 2023 |
Operating lease cost |  | $ | 454 |  |  | $ | 343 |
Operating lease - cash flow |  | $ | 451 |  |  | $ | 369 |
Non-cash activity: |  |  |  |  |  |
ROU assets obtained in exchange for lease liabilities |  | $ | - |  |  | $ | 240 |
|  | Nine Months Ended |  |  | Nine Months Ended |
Operating cash flow information: |  | September 30, 2024 |  |  | September 30, 2023 |
Operating lease cost |  | $ | 1,182 |  |  | $ | 1,020 |
Operating lease - cash flow |  | $ | 1,228 |  |  | $ | 1,062 |
Non-cash activity: |  |  |  |  |  |
ROU assets obtained in exchange for lease liabilities |  | $ | 3,818 |  |  | $ | 581 |
|  | September 30, 2024 |  |  | September 30, 2023 |
Weighted-average remaining lease term |  | 4.0 years |  |  | 2.0 years |
Weighted-average discount rate |  |  | 7 | % |  |  | 5 | %
Future minimum lease payments under non-cancelable leases as of September 30, 2024:
2024 (remaining) |  | $ | 485 |
2025 |  |  | 1,757 |
2026 |  |  | 1,070 |
2027 |  |  | 928 |
2028 |  |  | 962 |
Thereafter |  |  | 357 |
Total future minimum lease payments |  | $ | 5,559 |
Less: imputed interest |  |  | (652 | )
Present value of lease liabilities - current |  |  | 1,550 |
Present value of lease liabilities - non-current |  | $ | 3,357 |

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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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