XML 26 R16.htm IDEA: XBRL DOCUMENT v3.23.2
Leases
 6 Months Ended
Jun. 30, 2023
Leases  
Leases

Note 10 – Leases

 

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

 

   2023   2022   2023   2022 
   Three months ended June 30,   Six months ended June 30, 
   2023   2022   2023   2022 
Operating lease cost  $122   $123   $245   $246 
Finance lease cost                    
Amortization of assets   3    3    7    5 
Interest on finance lease obligations   2    -    3    1 
Variable lease cost   -    -    -    - 
Total net lease cost  $127   $126   $255   $252 

 

Included in the table above, for the three and six months ended June 30, 2023 and 2022, is $0.1 and $0.2 million, respectively, 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.

 

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

 

Operating leases:  Related Party   Other   Total   Related Party   Other   Total 
   June 30, 2023   December 31, 2022 
Operating leases:  Related Party   Other   Total   Related Party   Other   Total 
Operating lease ROU assets  $2,265   $137   $2,402   $2,369   $193   $2,562 
                               
Current operating lease liabilities  $236   $87   $323   $224   $117   $341 
Noncurrent operating lease liabilities   2,535    58    2,593    2,656    89    2,745 
Total operating lease liabilities  $2,771   $145   $2,916   $2,880   $206   $3,086 
                               

 

Finance leases:  June 30, 2023   December 31, 2022 
Property and equipment, at cost  $76   $70 
Accumulated amortization   (18)   (25)
Property and equipment, net  $58   $45 
           
Current obligations of finance leases  $13   $9 
Finance leases, net of current obligations   48    37 
Total finance lease liabilities  $61   $46 
           
Weighted average remaining lease term (in years):          
Operating leases   7.8    8.2 
Finance leases   4.1    4.4 
           
Weighted average discount rate:          
Operating leases   5.8%   5.8%
Finance leases   8.2%   7.8%

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

 

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

 

   2023   2022   2023   2022 
   Three months ended June 30,   Six months ended June 30, 
   2023   2022   2023   2022 
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases  $126   $126   $254   $251 
Operating cash flows from finance leases  $2   $-   $3   $1 
Financing cash flows from finance leases  $3   $3   $6   $6 
                     
ROU assets obtained in exchange for lease liabilities:                    
Operating leases  $-   $-   $-   $- 

 

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

 

Years Ending December 31st,  Operating Leases   Finance Leases 
2023 (six remaining months)  $252   $10 
2024   446    18 
2025   435    19 
2026   430    14 
2027   430    12 
Thereafter   1,648    - 
Total lease payments   3,641    73 
Less amount representing interest   (725)   (12)
Total lease obligations   2,916    61 
Less current portion   (323)   (13)
Long-term lease obligations  $2,593   $48