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Note 7 - Operating Leases

12 Months Ended

Dec. 31, 2023

Note 7 – Operating Leases

The Company has operating leases predominantly for operating facilities. As of December 31, 2023, the remaining lease terms on our operating leases range from approximately one (1) year to nine (9) 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:

	Year ended December 31,
	2023		2022
Operating lease cost	$	1,016	$	894
Variable lease cost		114		95
Total lease cost	$	1,130	$	989

Supplemental cash flow information related to leases was 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	$	1,036	$	908
Right-of-use assets obtained in exchange for lease liabilities:	$	2,192	$	476

Supplemental balance sheet information related to leases was as follows:

		December 31,
	Balance Sheet Classification	2023			2022
Assets:
Operating lease right-of-use asset	Other noncurrent assets	$	3,589		$	2,187

Liabilities:
Current operating lease liability	Accrued expenses and other current liabilities	$	894		$	895
Operating lease liability, net of current portion	Other noncurrent liabilities		2,644			1,307
Total operating lease liability		$	3,538		$	2,202

Weighted-average remaining lease term (years)			5.3			4.7

Weighted-average discount rate			4.5	%		4.5	%

Future minimum lease payments as of December 31, 2023 are as follows:

Maturity of Operating Lease Liabilities
2024	$	894
2025		698
2026		624
2027		644
2028		648
Thereafter		463
Total lease payments	$	3,971
Less: Imputed interest		(433	)
Present value of remaining lease payments	$	3,538