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Leases | 6 Months Ended
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Jun. 30, 2024
Lease [Abstract] |
Leases | Note 8 — Leases The determination if any arrangement contained a lease at its inception was done based on whether or not the Company has the right to control the asset during the contract period. The lease term was determined assuming the exercise of options that were reasonably certain to occur. Leases with an original lease term of 12 months or less at inception were not reflected in the Company’s condensed consolidated balance sheet and those lease costs are expensed on a straight-line basis over the respective term. Leases with a term greater than 12 months were reflected as non-current right-of-use assets and current and non-current lease liabilities in the Company’s condensed consolidated balance sheets. As the implicit interest rate in its leases was generally not known, the Company’s used its incremental borrowing rate as the discount rate for purposes of determining the present value of its lease liabilities. The Company’s incremental borrowing rate was determined using the interest rate on a long term debt position entered into at approximately the same time and for the same duration as the lease. At June 30, 2024 and December 31, 2023 the Company’s weighted-average discount rate utilized for its leases was 7.41% and 7.51%, respectively. The Company had several non-cancelable finance leases for machinery and equipment. As of June 30, 2024 the Company had no active finance leases. The Company had several non-cancellable operating leases for corporate offices, warehouses, showrooms, research and development facilities and vehicles. The Company’s leases have remaining lease terms of one year to four years, some of which include options to extend. Some leases include payment for communal area maintenance associated with the property. During the six months ended June 30, 2024, one of the Company’s leased assets was sold by the lessor to another counterparty, effectively cancelling the remainder of the lease with the Company. There were no penalties arising from the cancellation. The Company recognized a gain on early termination in the amount of $39 thousand, calculated as the difference between the remaining right-of-use asset and lease liability at the time of termination. Additional information on the Company’s operating and financing lease activity was as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 116 |  |  | $ | 248 |  |  | $ | 246 |  |  | $ | 504 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | — |  |  |  | 46 |  |  |  | — |  |  |  | 91 |
Interest on lease liabilities |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 11 |
Total lease cost |  | $ | 116 |  |  | $ | 299 |  |  | $ | 246 |  |  | $ | 606 |
|  | June 30, 2024 |  |  | December 31, 2023 |
Weighted-average remaining lease term – operating leases |  |  | 2.68 years |  |  |  | 3.09 years |
Weighted-average remaining lease term – finance leases |  |  | — |  |  |  | — |
Weighted-average discount rate – operating leases |  |  | 7.41 | % |  |  | 7.51 | %
Weighted-average discount rate – finance leases |  |  | — | % |  |  | — | %
(In thousands) |  | Balance Sheet Location |  | June 30, 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |  |  |  |  |
Right-of-use assets, net |  | Right-of-use, net |  | $ | 1,333 |  |  | $ | 1,803 |
Total lease assets |  |  |  | $ | 1,333 |  |  | $ | 1,803 |
Liabilities |  |  |  |  |  |  |  |  |  |
Operating lease liabilities, current |  | Operating lease liabilities, current |  | $ | 539 |  |  | $ | 599 |
Operating lease liabilities, non-current |  | Operating lease liabilities, non-current |  |  | 960 |  |  |  | 1,394 |
Total operating lease liabilities |  |  |  | $ | 1,499 |  |  | $ | 1,993 |
Maturities of operating lease liabilities as of June 30, 2024 are as follows:
Years ending December 31 (In thousands), |  | Operating lease |
Remaining 2024 |  | $ | 315 |
2025 |  |  | 641 |
2026 |  |  | 497 |
2027 |  |  | 202 |
Total minimum lease payments |  |  | 1,655 |
Less discount |  |  | (156 | )
Total lease liabilities |  | $ | 1,499 |

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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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