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Leases

3 Months Ended

Mar. 31, 2023

Leases

Leases

Note 10 – Leases

The components of lease expense were as follows (amounts in thousands):

Schedule of Lease Expense

		2023				2022
		Three months ended March 31,
		2023				2022
Operating lease cost		$	123			$	123
Finance lease cost
Amortization of assets			4				2
Interest on finance lease obligations			1				1
Variable lease cost			-				-
Total net lease cost		$	128			$	126

Included in the table above, for the three months ended March 31, 2023 and 2022, is $0.1 million of operating lease cost for our corporate headquarters. This space is being leased from The Move, LLC. Our CEO and President, each a related party to WFCF, have a 24.3% jointly-held ownership interest in The Move, LLC.

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

Supplemental balance sheet information related to leases was as follows (amounts in thousands):

Schedule of Supplemental Balance Sheet Information Related to Leases

		March 31, 2023												December 31, 2022
Operating leases:		Related Party				Other				Total				Related Party				Other				Total
Operating lease ROU assets		$	2,317			$	165			$	2,482			$	2,369			$	193			$	2,562
Current operating lease liabilities		$	230			$	108			$	338			$	224			$	117			$	341
Noncurrent operating lease liabilities			2,596				67				2,663				2,656				89				2,745
Total operating lease liabilities		$	2,826			$	175			$	3,001			$	2,880			$	206			$	3,086

Finance leases:		March 31, 2023				December 31, 2022
Right of use asset, at cost		$	75			$	70
Accumulated amortization			(14	)			(25	)
Property and equipment, net		$	61			$	45
Current obligations of finance leases		$	12			$	9
Finance leases, net of current obligations			51				37
Total finance lease liabilities		$	63			$	46
Weighted average remaining lease term (in years):
Operating leases			8.0				8.2
Finance leases			4.4				4.4
Weighted average discount rate:
Operating leases			5.8	%			5.8	%
Finance leases			8.2	%			7.8	%

Supplemental cash flow and other information related to leases was as follows (amounts in thousands):

Schedule of Supplemental Cash Flow Information Related to Leases

		2023				2022
		Three months ended March 31,
		2023				2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	128			$	125
Operating cash flows from finance leases		$	1			$	1
Financing cash flows from finance leases		$	3			$	3
ROU assets obtained in exchange for lease liabilities:
Operating leases		$	-			$	-

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

Maturities of lease liabilities were as follows (amounts in thousands):

Schedule of Maturities of Operating Lease and Finance Lease Liabilities

Years Ending December 31st,		Operating Leases				Finance Leases
2023 (nine remaining months)		$	379			$	13
2024			446				18
2025			435				19
2026			430				14
2027			430				12
Thereafter			1,648				-
Total lease payments			3,768				76
Less amount representing interest			(767	)			(13	)
Total lease obligations			3,001				63
Less current portion			(338	)			(12	)
Long-term lease obligations		$	2,663			$	51

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- References

No definition available.

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X

- 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

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