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Note 7 - Operating Leases

9 Months Ended

Sep. 30, 2023

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