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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases

Note 11 – Leases

 

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

 

   2025   2024 
   Three months ended March 31, 
   2025   2024 
Operating lease cost  $111   $116 
Finance lease cost          
Amortization of assets   4    4 
Interest on finance lease obligations   1    1 
Variable lease cost   -    - 
Total net lease cost  $116   $121 

 

Included in the table above, for the three months ended March 31, 2025 and 2024, 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.

 

 

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

 

  Related Party   Other   Total   Related Party   Other   Total 
   March 31, 2025   December 31, 2024 
  Related Party   Other   Total   Related Party   Other   Total 
Operating leases:                        
Operating lease ROU assets  $1,875   $80   $1,955   $1,934   $97   $2,031 
                               
Current operating lease liabilities  $283   $56   $339   $276   $61   $337 
Noncurrent operating lease liabilities   2,057    27    2,084    2,131    38    2,169 
Total operating lease liabilities  $2,340   $83   $2,423   $2,407   $99   $2,506 

 

  March 31,
2025		   December 31,
2024		 
Finance leases:        
Right of use asset, at cost  $       76   $            76 
Accumulated amortization   (44)   (40)
Property and equipment, net  $32   $36 

 

Current obligations of finance leases  $15   $15 
Finance leases, net of current obligations   22    25 
Total finance lease liabilities  $37   $40 

 

Weighted average remaining lease term (in years):        
Operating leases   6.2    6.4 
Finance leases   2.6    2.8 

 

Weighted average discount rate:        
Operating leases                                                                           5.8%   5.8%
Finance leases   8.6%   8.5%

 

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

 

   2025   2024 
   Three months ended March 31, 
   2025   2024 
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows from operating leases  $119   $120 
Operating cash flows from finance leases  $1   $1 
Financing cash flows from finance leases  $4   $3 
           
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 
2025 (remaining nine months)  $352   $14 
2026   456    14 
2027   430    13 
2028   443    - 
2029   456    - 
Thereafter   750    - 
Total lease payments   2,887    41 
Less amount representing interest   (464)   (4)
Total lease obligations   2,423    37 
Less current portion   (339)   (15)
Long-term lease obligations  $2,084   $22