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v3.23.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases |
Leases | Note 10 – Leases The components of lease expense were as follows (amounts in thousands): Schedule of Lease Expense
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 119 |  |  | $ | 122 |  |  | $ | 364 |  |  | $ | 368 |
Finance lease cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of assets |  |  | 4 |  |  |  | 2 |  |  |  | 11 |  |  |  | 7 |
Interest on finance lease obligations |  |  | 1 |  |  |  | 1 |  |  |  | 4 |  |  |  | 2 |
Variable lease cost |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total net lease cost |  | $ | 124 |  |  | $ | 125 |  |  | $ | 379 |  |  | $ | 377 |
Included in the table above, for the three and nine months ended September 30, 2023 and 2022, is $0.1 and $0.3 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): Schedule of Supplemental Balance Sheet Information Related to Leases
|  | September 30, 2023 |  |  | December 31, 2022 |
Operating leases: |  | Related Party |  |  | Other |  |  | Total |  |  | Related Party |  |  | Other |  |  | Total |
Operating lease ROU assets |  | $ | 2,212 |  |  | $ | 112 |  |  | $ | 2,324 |  |  | $ | 2,369 |  |  | $ | 193 |  |  | $ | 2,562 |
Current operating lease liabilities |  | $ | 242 |  |  | $ | 68 |  |  | $ | 310 |  |  | $ | 224 |  |  | $ | 117 |  |  | $ | 341 |
Noncurrent operating lease liabilities |  |  | 2,472 |  |  |  | 50 |  |  |  | 2,522 |  |  |  | 2,656 |  |  |  | 89 |  |  |  | 2,745 |
Total operating lease liabilities |  | $ | 2,714 |  |  | $ | 118 |  |  | $ | 2,832 |  |  | $ | 2,880 |  |  | $ | 206 |  |  | $ | 3,086 |
Finance leases: |  | September 30, 2023 |  |  | December 31, 2022 |
Property and equipment, at cost |  | $ | 76 |  |  | $ | 70 |
Accumulated amortization |  |  | (21 | ) |  |  | (25 | )
Property and equipment, net |  | $ | 55 |  |  | $ | 45 |
Current obligations of finance leases |  | $ | 13 |  |  | $ | 9 |
Finance leases, net of current obligations |  |  | 44 |  |  |  | 37 |
Total finance lease liabilities |  | $ | 57 |  |  | $ | 46 |
Weighted average remaining lease term (in years): |  |  |  |  |  |  |  |
Operating leases |  |  | 7.6 |  |  |  | 8.2 |
Finance leases |  |  | 3.9 |  |  |  | 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 |  |  | 2023 |  |  | 2022 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 126 |  |  | $ | 127 |  |  | $ | 380 |  |  | $ | 378 |
Operating cash flows from finance leases |  | $ | 1 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 2 |
Financing cash flows from finance leases |  | $ | 3 |  |  | $ | 3 |  |  | $ | 9 |  |  | $ | 9 |
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 (three remaining months) |  | $ | 127 |  |  | $ | 4 |
2024 |  |  | 446 |  |  |  | 18 |
2025 |  |  | 435 |  |  |  | 19 |
2026 |  |  | 430 |  |  |  | 14 |
2027 |  |  | 430 |  |  |  | 12 |
Thereafter |  |  | 1,648 |  |  |  | - |
Total lease payments |  |  | 3,516 |  |  |  | 67 |
Less amount representing interest |  |  | (684 | ) |  |  | (10 | )
Total lease obligations |  |  | 2,832 |  |  |  | 57 |
Less current portion |  |  | (310 | ) |  |  | (13 | )
Long-term lease obligations |  | $ | 2,522 |  |  | $ | 44 |

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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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