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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Note 6. Leases Lessee Arrangements The Company has an operating lease for a corporate office. In August 2020, the Company amended the lease to extend through November 30, 2027 commencing on September 1, 2020. The lease amendment constitutes a modification as it extends the original lease term, which requires evaluation of the remeasurement of the lease liability and corresponding right-of-use-asset. The reassessment resulted in continuing to classify the lease as an operating lease and remeasurement of the lease liability on the basis of the extended lease term and the incremental borrowing rate at the effective date of modification of 10%. The Company’s operating lease has a remaining lease term of 3.9 years as of December 31, 2023, and contains an option to extend the lease for five years. The Company also has an operating lease for office equipment. The components of lease expense are as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 589 |  |  | $ | 579 |
Short-term lease cost |  |  | 49 |  |  |  | 37 |
Total lease cost |  | $ | 638 |  |  | $ | 616 |
Supplemental cash flow information related to leases, including the lease modification, is as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 560 |  |  | $ | 537 |
Right-of-use-assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 46 |  |  | $ | — |
The following table presents the lease balances within the balance sheet, weighted-average remaining lease term, and weighted-average discount rates related to the Company’s operating leases:
|  |  |  | As of December 31, |
Operating Leases |  | Classification |  | 2023 |  |  | 2022 |
Operating lease ROU assets |  | Other assets |  | $ | 2,141 |  |  | $ | 2,630 |
Operating lease liabilities, current |  | Operating lease liabilities |  | $ | 559 |  |  | $ | 531 |
Operating lease liabilities, long-term |  | Long-term operating lease liabilities |  |  | 1,750 |  |  |  | 2,272 |
Total operating lease liabilities |  |  |  | $ | 2,309 |  |  | $ | 2,803 |
Weighted-average remaining lease term |  |  |  | 3.9 years |  |  | 4.9 years |
Weighted-average discount rate |  |  |  |  | 10.00 | % |  |  | 10.00 | %
Maturities of operating lease liabilities as of December 31, 2023 are as follows:
Fiscal Year |  | Amount |
2024 |  |  | 575 |
2025 |  |  | 591 |
2026 |  |  | 607 |
2027 |  |  | 571 |
2028 |  |  | 3 |
Total operating lease payments |  |  | 2,347 |
Less: imputed interest |  |  | (38 | )
Total operating lease liabilities |  | $ | 2,309 |
Lessor Arrangements The Company has operating leases for LENSAR Laser Systems and ALLY Systems, which occur primarily in the United States. The Company’s leases have remaining lease terms of less than one year to five years. Lease revenue for the years ended December 31, 2023 and 2022 was as follows:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |
Lease revenue |  | $ | 6,448 |  |  | $ | 5,915 |
Equipment under lease is as follows:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Equipment under lease |  | $ | 16,969 |  |  | $ | 14,771 |
Less accumulated depreciation |  |  | (9,510 | ) |  |  | (8,455 | )
Equipment under lease, net |  | $ | 7,459 |  |  | $ | 6,316 |
Depreciation expense on equipment under lease amounted to $2,052 and $1,916 for the years ended December 31, 2023 and 2022, respectively. Maturities of operating lease payments as of December 31, 2023 are as follows:
Fiscal Year |  | Amount |
2024 |  |  | 1,179 |
2025 |  |  | 517 |
2026 |  |  | 167 |
2027 |  |  | 52 |
2028 |  |  | 17 |
Total undiscounted cash flows |  | $ | 1,932 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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