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Leases | 6 Months Ended
--- | ---
Jun. 30, 2024
Leases |
Leases | Note 10 – Leases The components of lease expense were as follows (amounts in thousands): Schedule of Lease Expense
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 111 |  |  | $ | 122 |  |  | $ | 227 |  |  | $ | 245 |
Finance lease cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of assets |  |  | 3 |  |  |  | 3 |  |  |  | 7 |  |  |  | 7 |
Interest on finance lease obligations |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 3 |
Variable lease cost |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total net lease cost |  | $ | 115 |  |  | $ | 127 |  |  | $ | 236 |  |  | $ | 255 |
Included in the table above, for the three and six months ended June 30, 2024 and 2023, is $0.1 million and $0.2 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. Supplemental balance sheet information related to leases was as follows (amounts in thousands): Schedule of Supplemental Balance Sheet Information Related to Leases
|  | June 30, 2024 |  |  | December 31, 2023 |
Operating leases: |  | Related Party |  |  | Other |  |  | Total |  |  | Related Party |  |  | Other |  |  | Total |
Operating lease ROU assets |  | $ | 2,048 |  |  | $ | 129 |  |  | $ | 2,177 |  |  | $ | 2,158 |  |  | $ | 87 |  |  | $ | 2,245 |
Current operating lease liabilities |  | $ | 262 |  |  | $ | 67 |  |  | $ | 329 |  |  | $ | 249 |  |  | $ | 49 |  |  | $ | 298 |
Noncurrent operating lease liabilities |  |  | 2,273 |  |  |  | 64 |  |  |  | 2,337 |  |  |  | 2,407 |  |  |  | 40 |  |  |  | 2,447 |
Total operating lease liabilities |  | $ | 2,535 |  |  | $ | 131 |  |  | $ | 2,666 |  |  | $ | 2,656 |  |  | $ | 89 |  |  | $ | 2,745 |
Finance leases: |  |  | June 30, 2024 |  |  |  | December 31, 2023 |
Right of use asset, at cost |  | $ | 76 |  |  | $ | 76 |
Accumulated amortization |  |  | (33 | ) |  |  | (25 | )
Property and equipment, net |  | $ | 43 |  |  | $ | 51 |
Current obligations of finance leases |  | $ | 14 |  |  | $ | 14 |
Finance leases, net of current obligations |  |  | 33 |  |  |  | 41 |
Total finance lease liabilities |  | $ | 47 |  |  | $ | 55 |
Weighted average remaining lease term (in years): |  |  |  |  |  |  |  |
Operating leases |  |  | 6.8 |  |  |  | 7.4 |
Finance leases |  |  | 3.2 |  |  |  | 3.7 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 5.8 | % |  |  | 5.8 | %
Finance leases |  |  | 8.4 | % |  |  | 8.3 | %
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): Schedule of Supplemental Cash Flow Information Related to Leases Supplement cash flow info:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 116 |  |  | $ | 126 |  |  | $ | 236 |  |  | $ | 254 |
Operating cash flows from finance leases |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |
Financing cash flows from finance leases |  | $ | 4 |  |  | $ | 3 |  |  | $ | 7 |  |  | $ | 6 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | $ | - |  |  | $ | - |  |  | $ | 80 |  |  | $ | - |
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 |
2024 (remaining six months) |  | $ | 236 |  |  | $ | 8 |
2025 |  |  | 471 |  |  |  | 18 |
2026 |  |  | 456 |  |  |  | 14 |
2027 |  |  | 430 |  |  |  | 14 |
2028 |  |  | 443 |  |  |  | - |
Thereafter |  |  | 1,205 |  |  |  | - |
Total lease payments |  |  | 3,241 |  |  |  | 54 |
Less amount representing interest |  |  | (575 | ) |  |  | (7 | )
Total lease obligations |  |  | 2,666 |  |  |  | 47 |
Less current portion |  |  | (329 | ) |  |  | (14 | )
Long-term lease obligations |  | $ | 2,337 |  |  | $ | 33 |

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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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