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LEASES | 6 Months Ended
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Jun. 30, 2025
Leases |
LEASES | 8. LEASES We determine if an arrangement is a lease at inception. We have operating leases for office and temporary living space as well as for some office equipment. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liability and non-current operating lease liability in our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024. The Company does not have any finance leases. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rates, which are derived from information available at the lease commencement date, in determining the present value of lease payments. We give consideration to our bank financing arrangements, geographical location and collateralization of assets when calculating our incremental borrowing rates. We review our incremental borrowing rate on a quarterly basis. Our lease terms include options to extend the lease when we believe that we may want the right to exercise that option. Leases with a term of less than 12 months are not recorded in the condensed consolidated balance sheets. Our lease agreements do not contain any residual value guarantees. For real estate leases, we account for the lease and non-lease components as a single lease component. Some leases include escalation clauses and termination options that are factored in the determination of the lease payments when appropriate. If a lease is modified after the effective date, the operating lease ROU asset and liability are re-measured using the current incremental borrowing rate. Lease expense is included in direct operating costs, general and administrative expense, selling and marketing expense and research and development expense in the condensed consolidated statements of operations based on the nature of the expense. Our lease terms are determined taking into account lease renewal options, the Company’s anticipated operating plans and leases that are on a month-to-month basis. The Company also has some related party leases – see Note 10. The components of lease expense were as follows: SCHEDULE OF LEASE EXPENSE
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | ($ in thousands) |
Operating lease cost |  | $ | 522 |  |  | $ | 620 |  |  | $ | 1,098 |  |  | $ | 1,257 |
Short-term lease cost |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 4 |
Variable lease cost |  |  | 4 |  |  |  | 7 |  |  |  | 11 |  |  |  | 12 |
Total - net lease cost |  | $ | 526 |  |  | $ | 627 |  |  | $ | 1,114 |  |  | $ | 1,273 |
Short-term lease cost represents leases that were not capitalized as the lease term as of the later of January 1, 2025 or the beginning of the lease was less than 12 months. Variable lease costs include utilities, real estate taxes and common area maintenance costs. Supplemental balance sheet information related to leases is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | ($ in thousands) |
Operating leases: |  |  |  |  |  |  |  |
Operating lease ROU assets, net |  | $ | 3,058 |  |  | $ | 3,133 |
Current operating lease liabilities |  | $ | 1,294 |  |  | $ | 1,287 |
Non-current operating lease liabilities |  |  | 1,785 |  |  |  | 1,847 |
Total operating lease liabilities |  | $ | 3,079 |  |  | $ | 3,134 |
Operating leases: |  |  |  |  |  |  |  |
ROU assets |  | $ | 3,964 |  |  | $ | 5,125 |
Asset lease expense |  |  | (901 | ) |  |  | (1,994 | )
Foreign exchange (loss)/gain |  |  | (5 | ) |  |  | 2 |
ROU assets, net |  | $ | 3,058 |  |  | $ | 3,133 |
Operating lease ROU assets, net |  | $ | 3,058 |  |  | $ | 3,133 |
Weighted average remaining lease term (in years): |  |  |  |  |  |  |  |
Operating leases |  |  | 4.8 |  |  |  | 5.0 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 13.8 | % |  |  | 14.2 | %
Weighted average discount rate operating leases |  |  | 13.8 | % |  |  | 14.2 | %
Supplemental cash flow and other information related to leases is as follows: SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | ($ in thousands) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 521 |  |  | $ | 609 |  |  | $ | 1,082 |  |  | $ | 1,277 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases, excluding terminations |  | $ | 385 |  |  | $ | 125 |  |  | $ | 831 |  |  | $ | 374 |
Maturities of lease liabilities are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES
Operating leases - Years ending December 31, |  | ($ in thousands) |
2025 (six months) |  | $ | 1,008 |
2026 |  |  | 968 |
2027 |  |  | 673 |
2028 |  |  | 397 |
2029 |  |  | 195 |
Thereafter |  |  | 1,253 |
Total lease payments |  |  | 4,494 |
Less: imputed interest |  |  | (1,415 | )
Total lease obligations |  |  | 3,079 |
Less: current obligations |  |  | 1,294 |
Long-term lease obligations |  | $ | 1,785 |
The Company leases certain apartments which are subleased to others. The sublease agreements are currently on a month-to-month basis and are considered operating leases. For the three and six months ended June 30, 2025, the Company received approximately $3,000 and $13,000, respectively, in sublease income. For the three and six months ended June 30, 2024, the Company received sublease income of approximately $28,000 and $56,000, respectively.

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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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