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Note 7 - Operating Leases | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
7. | OPERATING LEASES
The Company has operating leases predominantly for operating facilities. As of September 30, 2023, the remaining lease terms on our operating leases range from approximately one (1) year to eight (8) years. Lease terms include renewal options reasonably certain of exercise. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants. The components of lease expense for the current and prior-year comparative periods were as follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Operating lease cost |  | $ | 252 |  |  | $ | 216 |  |  | $ | 732 |  |  | $ | 674 |
Variable lease cost |  |  | 28 |  |  |  | 22 |  |  |  | 85 |  |  |  | 69 |
Total lease cost |  | $ | 280 |  |  |  | 238 |  |  | $ | 817 |  |  | $ | 743 |
Supplemental cash flow information related to leases was as follows:
|  | Nine-month period ended September 30, |
|  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows used in operating leases |  | $ | 762 |  |  | $ | 676 |
Right-of-use assets obtained in exchange for lease liabilities: |  | $ | 310 |  |  | $ | - |
Supplemental consolidated balance sheet information related to leases was as follows:
| Balance sheet classification |  | September 30, 2023 |  |  | December 31, 2022 |
Assets: |  |  |  |  |  |  |  |  |
Operating lease right-of-use asset | Other noncurrent assets |  | $ | 1,914 |  |  | $ | 2,187 |
Liabilities: |  |  |  |  |  |  |  |  |
Current operating lease liability | Accrued expenses and other current liabilities |  | $ | 793 |  |  | $ | 895 |
Operating lease liability, net of current portion | Other noncurrent liabilities |  |  | 1,087 |  |  |  | 1,307 |
Total operating lease liability |  | $ | 1,880 |  |  | $ | 2,202 |
Weighted-average remaining lease term (years) |  |  | 4.5 |  |  |  | 4.7 |
Weighted-average discount rate |  |  | 4.5 | % |  |  | 4.5 | %
Future minimum lease payments as of September 30, 2023 are as follows:
Maturity of operating lease liabilities |  |  |  |
2023 |  | $ | 258 |
2024 |  |  | 642 |
2025 |  |  | 306 |
2026 |  |  | 241 |
2027 |  |  | 217 |
Thereafter |  |  | 426 |
Total lease payments |  |  | 2,090 |
Less: Imputed interest |  |  | (210 | )
Present value of remaining lease payments |  | $ | 1,880 |

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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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