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Leases
 12 Months Ended
Dec. 31, 2023
Leases  
Leases

Note 9 — Leases

 

During the year ended December 31, 2023, the Company entered into additional lease agreements that have commenced and are classified as operating leases and short-term leases for additional Lucid Test Centers.

 

The components of lease expense were as follows:

   2023   2022 
   Years Ended December 31, 
   2023   2022 
Operating lease cost  $1,214   $951 
Short-term lease cost   87    95 
Variable lease cost   58    20 
Total lease cost  $1,359   $1,066 

 

The Company’s future lease payments as of December 31, 2023, which are presented as operating lease liabilities, current portion and operating lease liabilities, less current portion on the Company’s consolidated balance sheets are as follows:

      
2024  $1,161 
2025   127 
2026   63 
2027   24 
Total lease payments  $1,375 
Less: imputed interest   (70)
Present value of lease liabilities  $1,305 

 

Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:

   Years Ended December 31, 
   2023   2022 
Cash paid for amounts included in the measurement of lease liabilities          
Operating cash flows from operating leases  $1,207   $949 
Non-cash investing and financing activities          
Right-of-use assets obtained in exchange for new operating lease liabilities  $380   $2,763 
Weighted-average remaining lease term - operating leases (in years)   1.39    2.03 
Weighted-average discount rate - operating leases   7.875%   7.875%

 

As of December 31, 2023 and 2022, the Company’s right-of-use assets from operating leases were $1,307 and $2,008, respectively, which are reported in operating lease right-of-use assets in the consolidated balance sheets. As of December 31, 2023 and 2022, the Company had outstanding operating lease obligations of $1,305 and $1,999, respectively, of which $1,106 and $962, respectively, are reported in operating lease liabilities, current portion and $199 and $1,037, respectively, are reported in operating lease liabilities less current portion in the Company’s consolidated balance sheets. The Company calculates its incremental borrowing rates for specific lease terms, used to discount future lease payments, as a function of the financing terms the Company would likely receive on the open market.