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Leases
 9 Months Ended
Sep. 30, 2024
Leases  
Leases

Note 10 – Leases

 

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

   

                 
   Three months ended September 30,   Nine months ended September 30, 
   2024   2023   2024   2023 
Operating lease cost  $110   $119   $337   $364 
Finance lease cost                    
Amortization of assets   4    4    11    11 
Interest on finance lease obligations   1    1    3    4 
Variable lease cost   -    -    -    - 
Total net lease cost  $115   $124   $351   $379 

 

Included in the table above, for the three and nine months ended September 30, 2024 and 2023, is $0.1 million and $0.3 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):

  

                         
   September 30, 2024   December 31, 2023 
Operating leases:  Related Party   Other   Total   Related Party   Other   Total 
Operating lease ROU assets  $1,991   $113   $2,104   $2,158   $87   $2,245 
                               
Current operating lease liabilities  $269   $66   $335   $249   $49   $298 
Noncurrent operating lease liabilities   2,203    49    2,252    2,407    40    2,447 
Total operating lease liabilities  $2,472   $115   $2,587   $2,656   $89   $2,745 

 

Finance leases:  September 30, 2024   December 31, 2023 
Right of use asset, at cost  $76   $76 
Accumulated amortization   (36)   (25)
Property and equipment, net  $40   $51 
           
Current obligations of finance leases  $15   $14 
Finance leases, net of current obligations   29    41 
Total finance lease liabilities  $44   $55 
           
Weighted average remaining lease term (in years):          
Operating leases   6.6    7.4 
Finance leases   3.0    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):

 

                 
   Three months ended September 30,   Nine months ended September 30, 
   2024   2023   2024   2023 
Cash paid for amounts included in the measurement of lease liabilities:                    
Operating cash flows from operating leases  $118   $126   $354   $380 
Operating cash flows from finance leases  $1   $1   $3   $4 
Financing cash flows from finance leases  $3   $3   $10   $9 
                     
ROU assets obtained in exchange for lease liabilities:                    
Operating leases  $-   $-   $80   $- 

 

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

  

Years Ending December 31st,  Operating Leases   Finance Leases 
2024 (remaining three months)  $119   $4 
2025   471    18 
2026   456    14 
2027   430    14 
2028   443    - 
Thereafter   1,205    - 
Total lease payments   3,124    50 
Less amount representing interest   (537)   (6)
Total lease obligations   2,587    44 
Less current portion   (335)   (15)
Long-term lease obligations  $2,252   $29