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Note 7 - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE 7. LEASES Operating Leases The Company leases its facilities in Clearwater, Florida and Sofia, Bulgaria under non-cancelable operating lease agreements. In connection with the terms of the Purchase Agreement (see Note 6), during May 2023, the Company entered into a Single Tenant Industrial Building Lease (the “Lease”), pursuant to which the Property was leased back to the Company. The Lease has an initial term of ten (10) years commencing from the closing (the “Initial Term”), and a renewal term of five (5) years, exercisable at the Company’s option. The annual fixed rent is $619,500 for the first year of the Initial Term, and is subject to a 4% escalation every year thereafter through the Initial Term. Rent will be reset to the current market rate should the Company exercise the renewal option. The Lease provides for a 3% management fee on rent payments throughout the Initial Term and optional renewal term. During the year ended December 31, 2022, the Company entered into a one year extension on one of its leases on computer equipment. This extension resulted in reclassification of the lease from finance to operating. This lease expired during the year ended December 31, 2023 and the Company continued to rent the equipment on a month-to-month basis through January 2024 when it bought out the lease. The Company determined that the underlying assets did not have a remaining economic life that was long-term in nature and it recognized the buyout as variable lease costs. During the year ended December 31, 2022, the Company entered into a five-year extension of its Sofia, Bulgaria facility. These operating leases have terms expiring through May 2033. Finance Leases The Company has entered into non-cancelable finance leases for certain computer equipment and a vehicle in Clearwater, Florida. During the year ended December 31, 2023, the Company’s lease on the vehicle in Clearwater, Florida expired and the Company purchased the vehicle for the purchase price specified in the lease agreement. Upon termination of the lease, the vehicle was transferred to fixed assets. During the year ended December 31, 2022, the Company entered into a 63-month lease for computer equipment. The computer equipment lease expires in July 2027. Information about the Company’s lease costs are as follows:
|  | Year Ended |
|  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Operating lease costs |  | $ | 888 |  |  | $ | 732 |
Finance lease costs: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 21 |  |  |  | 31 |
Interest on lease liabilities |  |  | 1 |  |  |  | 2 |
Variable lease costs |  |  | 103 |  |  |  | 44 |
Total lease costs |  | $ | 1,013 |  |  | $ | 809 |
Cash information related to our leases are as follows:
|  | Year Ended |  |  | Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |
(in thousands) |  | Operating |  |  | Finance |  |  | Operating |  |  | Finance |
Cash paid for lease liabilities |  | $ | 778 |  |  | $ | 21 |  |  | $ | 643 |  |  | $ | 40 |
Information about the Company’s weighted average remaining lease terms and discount rate assumptions are as follows:
|  | Year Ended |  |  | Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Operating |  |  | Finance |  |  | Operating |  |  | Finance |
Weighted average remaining lease term (in years) |  |  | 8.0 |  |  |  | 2.6 |  |  |  | 8.9 |  |  |  | 3.6 |
Weighted average discount rate |  |  | 8.58 | % |  |  | 2.32 | % |  |  | 8.42 | % |  |  | 2.32 | %
Maturities of lease liabilities as of December 31, 2024 are as follows:
(In thousands) |  | Operating |  |  | Finance |
2025 |  | $ | 797 |  |  | $ | 21 |
2026 |  |  | 824 |  |  |  | 21 |
2027 |  |  | 852 |  |  |  | 12 |
2028 |  |  | 764 |  |  |  | — |
2029 |  |  | 794 |  |  |  | — |
Thereafter |  |  | 2,958 |  |  |  | — |
Total lease payments |  |  | 6,989 |  |  |  | 54 |
Less imputed interest |  |  | (2,171 | ) |  |  | (1 | )
Present value of lease liabilities |  |  | 4,818 |  |  |  | 53 |
Less current portion of lease liabilities |  |  | (335 | ) |  |  | (20 | )
Long-term portion of lease liabilities |  | $ | 4,483 |  |  | $ | 33 |

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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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