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Note 7 - Operating Leases

3 Months Ended

Mar. 31, 2024

7.	*OPERATING LEASES*

The Company has operating leases predominantly for operating facilities. As of March 31, 2024, the remaining lease terms on our operating leases range from approximately less than 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-month period ended March 31,
	2024		2023
Operating lease cost	$	262	$	241
Variable lease cost		28		28
Total lease cost	$	290	$	269

Supplemental cash flow information related to leases was as follows:

	Three-month period ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	265	$	226
Right-of-use assets obtained in exchange for lease liabilities:	$	-	$	-

Supplemental consolidated balance sheet information related to leases was as follows:

	Balance sheet classification	March 31, 2024			December 31, 2023
Assets:
Operating lease right-of-use asset	Other noncurrent assets	$	3,177		$	3,589

Liabilities:
Current operating lease liability	Accrued expenses and other current liabilities	$	780		$	894
Operating lease liability, net of current portion	Other noncurrent liabilities		2,350			2,644
Total operating lease liability		$	3,130		$	3,538

Weighted-average remaining lease term (years)			5.2			5.3

Weighted-average discount rate			6.3	%		4.5	%

Future minimum lease payments as of March 31, 2024 are as follows:

Maturity of operating lease liabilities
2024	$	620
2025		691
2026		618
2027		639
2028		642
Thereafter		458
Total lease payments		3,668
Less: Imputed interest		(538	)
Present value of remaining lease payments	$	3,130