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Note 9 - Leases | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 9. LEASES The Company determines if an arrangement is a lease at inception. The guidance in FASB ASC Topic 842, Leases defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Operating lease right of use (“ROU”) assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. The Company’s leases do not provide an implicit rate. Due to a lack of financing history or ability, the Company uses an estimate of low-grade debt rate published by the Federal Reserve Bank as its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The ROU asset includes any lease payments made and excludes lease incentives and initial direct costs incurred. For leases beginning on or after January 1, 2019, lease components are accounted for separately from non-lease components for all asset classes. On January 21, 2023, the Company’s lease was amended to extend the expiration date to July 31, 2025. Upon execution of the amendment, which was deemed a lease modification, the Company reassessed the lease liability using the discount rate determined at the modification date and recorded an additional ROU asset for the same amount. The Company’s lease contains renewal provisions and escalating rental clauses and generally requires the Company to pay utilities, insurance, taxes and other operating expenses. The renewal provisions of the existing lease agreement were not included in the determination of the operating lease liabilities and the ROU assets. The Company also reassessed the lease classification and concluded that the lease continues to be an operating lease. Amortization expense was $72 and $143 for the three and six months ended June 30, 2024, respectively, and $27 and $53 for the three and six months ended June 30, 2023, respectively Operating lease expense for capitalized operating leases included in operating activities was $166 and $415 for the three months and six months ended June 30, 2024 , and $26 and $76 for the three and six months ended June 30, 2023, respectively. Operating lease obligations recorded on the balance sheet at June 30, 2024 are:
Operating lease liability- short term |  | $ | 621 |
Operating lease liability - long term |  | $ | 1,638 |
Total Operating Lease Liability |  | $ | 2,259 |
Future lease payments included in the measurement of lease liabilities on the balance sheet at June 30, 2024 for future periods are as follows:
2024 (6 months) |  | $ | 222 |
2025 |  |  | 567 |
2026 |  |  | 507 |
2027 |  |  | 522 |
2028 |  |  | 538 |
Thereafter |  |  | 1,273 |
Total future minimum lease payments |  | $ | 3,629 |
Less imputed interest |  | $ | (1,370 | )
Total |  | $ | 2,259 |
The weighted average remaining lease term is 6.41years, and the weighted average discount rate is 14.4%. Certain leases contain provisions for payment of real estate taxes, insurance and maintenance costs by the Company. These expenses are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The Company had $14 and $24 variable lease expenses for the three and six months ended June 30, 2024, respectively, and $6 and $25 for the three and six months ended June 30, 2023, respectively. The Company had $4 and $15 short-term lease expense for the three and six months ended June 30, 2024, respectively, and $13 and $27 for the three and six months ended June 30, 2023, respectively. The Company does not have any finance leases.

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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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