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Note 10 - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessee, Finance Leases [Text Block] | 10. LEASES Our leases primarily consist of operating leases for certain facilities and office spaces, and financing leases for equipment. Our leases have remaining terms of 1 to 3 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease assets also include any upfront lease payments made and exclude lease incentives and initial direct cost incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The following table summarizes our operating and finance lease assets and liabilities as of December 31, 2024 and 2023 (in thousands):
|  |  | December 31, |
| Balance sheet line item classification |  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |  |  |
Operating lease assets | Right-of-use assets and other noncurrent assets |  | $ | 149 |  |  | $ | — |
Finance lease assets | Property and equipment, net of accumulated depreciation |  |  | 349 |  |  |  | 43 |
Total lease assets |  |  | $ | 498 |  |  | $ | 43 |
Liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating lease obligation | Current portion of finance and operating lease obligations |  | $ | 70 |  |  | $ | 120 |
Finance lease obligation | Current portion of finance and operating lease obligations |  |  | 314 |  |  |  | 44 |
Noncurrent |  |  |  |  |  |  |  |  |
Operating lease obligation | Long-term portion of operating lease obligations |  |  | 101 |  |  |  | 21 |
Total lease liabilities |  |  | $ | 485 |  |  | $ | 185 |
The following table summarizes the components of lease expense for the years ended December 31, 2024 and 2023 (in thousands):
|  |  |  | Year Ended December 31, |
Lease Cost |  | Classification |  | 2024 |  |  | 2023 |
Operating lease cost |  | Cost of sales |  | $ | — |  |  | $ | — |
Operating lease cost |  | Selling, general and administrative expenses |  |  | 192 |  |  |  | 188 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  | Depreciation expense |  |  | 18 |  |  |  | 21 |
Interest on lease liabilities |  | Interest expense |  |  | 9 |  |  |  | 5 |
Net lease cost |  |  |  | $ | 219 |  |  | $ | 214 |
Other The Company leases certain buildings and facilities, including office space in Houston, Texas and Monterrey, Mexico. The Company also leases marine bunkering and staging sites in Galveston, Texas, along with certain equipment on a short term basis. Leases which are less than twelve months and have no cancellation penalties are not recorded on the Consolidated Balance Sheets. Office rent expense totaled approximately $169 thousand and $188 thousand for the years ended December 31, 2024 and 2023, respectively. The following schedule presents the future minimum lease payments for our operating and finance lease obligations at December 31, 2024 (in thousands):
| Operating Leases |  | Finance Leases |  | Total |
2025 | $ | 89 |  | $ | 336 |  | $ | 425 |
2026 |  | 66 |  |  | — |  |  | 66 |
2027 |  | 40 |  |  | — |  |  | 40 |
Total lease payments |  | 195 |  |  | 336 |  |  | 531 |
Less: Interest |  | (24 | ) |  | (22 | ) |  | (46 | )
Present value of lease liabilities | $ | 171 |  | $ | 314 |  | $ | 485 |
Lease term and discount rates for our operating and finance lease obligations are as follows:
|  | December 31, |
Lease Term and Discount Rate |  | 2024 |  |  | 2023 |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 2.9 |  |  |  | 1.2 |
Finance leases |  |  | 1.0 |  |  |  | 0.1 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 9.5 | % |  |  | 5.8 | %
Finance leases |  |  | 8.5 | % |  |  | 10.7 | %
The following table summarizes the supplemental cash flow information related to leases as of December 31, 2024 and 2023 (in thousands):
Other information |  | December 31, 2024 |  |  | December 31, 2023 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 187 |  |  | $ | 181 |
Financing cash flows from finance leases |  |  | 76 |  |  |  | 20 |
Interest paid |  |  | 9 |  |  |  | 5 |
Noncash activities from right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 167 |  |  | $ | — |
Financing leases |  |  | 347 |  |  |  | — |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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