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LEASES | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
LEASES | LEASES As disclosed in “Note (2) Summary of Significant Accounting Policies; (k) Leases,” we account for our leases in accordance with the guidance in ASC 842. We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases that expire at various dates through 2032. Total operating lease and short-term lease costs for the three months ended March 31, 2025 and 2024, respectively, were as follows:
|  | Three Months Ended March 31,
(in thousands) |  | 2025 |  | 2024
Operating lease cost |  | $ | 653 |  |  | $ | 451 |
Short-term lease cost |  | 4 |  |  | 3 |
The following is additional information about our leases as of March 31, 2025:
Range of remaining lease terms (in years) |  | 0.3 | to | 6.9
Weighted average remaining lease term (in years) |  |  | 5.6 |
Weighted average discount rate |  |  | 6.7% |
Maturities of lease liabilities as of March 31, 2025, were as follows:
(in thousands) |  |
2025 (remainder) |  | $ | 1,977 |
2026 |  | 2,413 |
2027 |  | 2,249 |
2028 |  | 1,658 |
2029 |  | 1,555 |
Thereafter |  | 2,622 |
Total lease payments |  | $ | 12,474 |
Less imputed interest |  | (1,822) |
Total |  | $ | 10,652 |
Cash Flow Information Total amortization of ROU assets was $0.6 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively. As disclosed in “Note (3) Acquisition,” on March 12, 2024, we acquired the stock of Alfamation™, and as such, we assumed several leases. In addition, we also entered into the Alfamation Lease Agreement for the seller-owned facility where Alfamation™ has its principal operations. The leased premises include warehouse and office space totaling approximately 52 thousand square feet. The semi-annual lease payments are €0.1 million. The impact of the assumption and execution of these leases was a non-cash increase in our ROU assets and operating lease liabilities of approximately $1.7 million at the date of the acquisition. During the three months ended March 31, 2025, we had an immaterial non-cash increase to our ROU assets and operating lease liabilities. Excluding the assumption of leases associated with the Alfamation™ acquisition, during the three months ended March 31, 2024, we had an immaterial non-cash increase to our ROU assets and operating lease liabilities.

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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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