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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
LEASES |
8. | LEASES
Operating leases as lessee As of June 30, 2025 and December 31, 2024, the Company had operating leases recorded on its consolidated balance sheets for certain office spaces and warehouses that expire on various dates through 2044. The Company terminated leases for certain facilities with lower usage. The termination of the leases reduced operating ROU assets of approximately $0.1 million and operating lease liabilities of approximately $0.1 million, respectively, during the six months ended June 30, 2025. The Company does not plan to cancel the remaining existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The Company’s lease arrangements may contain both lease and non-lease components. The Company has separately accounted for lease and non-lease components based on their nature. Payments under the Company’s lease arrangement are fixed. The following table shows ROU assets and lease liabilities, and the associated financial statement line items:
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Assets |  |  |  |  |  |
Operating lease right-of-use assets, net |  | $ | 8,065 |  |  | $ | 9,918 |
Liabilities |  |  |  |  |  |  |  |
Operating lease liabilities, current |  | $ | 3,978 |  |  | $ | 4,218 |
Operating lease liabilities, non-current |  | $ | 3,254 |  |  | $ | 4,719 |
Weighted average remaining lease term (in years) |  |  | 3.00 |  |  |  | 3.25 |
Weighted average discount rate (%) |  |  | 5.85 |  |  |  | 5.84 |
Information related to operating lease activities during as of June 30, 2025 and 2024 is set forth below:
|  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Operating lease right-of-use assets obtained in exchange for lease liabilities |  | $ | 233 |  |  | $ | 1,023 |
Operating lease expense |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 2,121 |  |  |  | 3,105 |
Interest of lease liabilities |  |  | 245 |  |  |  | 494 |
Total |  | $ | 2,366 |  |  | $ | 3,599 |
Maturities of lease liabilities were as follows:
Twelve months ending June 30, |  | Lease Liabilities |
2026 |  | $ | 4,113 |
2027 |  |  | 1,627 |
2028 |  |  | 1,036 |
2029 |  |  | 299 |
2030 |  |  | 299 |
Thereafter |  |  | 555 |
Total lease payments |  |  | 7,929 |
Less: imputed interest |  |  | (697 | )
Total |  | $ | 7,232 |

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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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