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Fixed Assets

3 Months Ended

Mar. 31, 2023

Fixed Assets

Fixed Assets

Note 3 – Fixed Assets

Fixed Assets

Fixed assets are summarized as follows:

​

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,		​
(in thousands)		2023			2022
Machinery and equipment	​	$	209	​	$	390	​
Office furniture and equipment	​		60	​		177	​
Leasehold improvements	​		43	​		192	​
​	​	​	312	​	​	759	​
Accumulated depreciation and amortization	​		(81)	​		(697)	​
​	​	​	231	​	​	62	​
Operating lease ROU assets, net	​	​	284	​	​	322	​
Total	​	$	515	​	$	384	​

​

Depreciation and amortization expense for the three months ended March 31, 2023 and 2022 totaled $40 thousand and $7 thousand, respectively.

Leases

The Company leases office space in Seattle, Washington, Tulsa, Oklahoma and Beijing, China. During June 2022, the Company entered into a new lease agreement for its Beijing office space for a period of one year with monthly rent at approximately $2 thousand. The Company classified this lease as an operating lease since it is more likely than not the lease will be renewed at the end of its term.

​

During March 2023, the Company amended its Seattle lease to extend the lease term to September 2023. The amended lease reduced the square footage and lowered the monthly payment to approximately $4 thousand. The Company increased the right of use asset by $5 thousand and decreased the lease liability by $9 thousand. The Seattle, Tulsa, and Beijing leases are classified as operating leases, with remaining terms ranging from six months to six years; contractual language requires renewal negotiations to occur at or near termination. These leases are normal and customary for office space, in that, contractual guarantees exist requiring the lessee to return the premises to its original functional state. The Company accrued a liability of $2 thousand and $87 thousand as of March 31, 2023 and December 31, 2022, respectively, for the estimated cost of the restoration of the Seattle office. The Company plans to exit the Seattle lease on or before contract termination as part of the Company’s headquarters move from Seattle to Tulsa.

​

The Tulsa lease contains fixed annual lease payments that increase annually by 2%. The Seattle, Tulsa, and Beijing total monthly minimum rent is approximately $11 thousand. Operating lease costs for the three months ended March 31, 2023 and 2022 were $48 thousand and $57 thousand, respectively.

Supplemental balance sheet information related to operating leases is as follows:

​

​	​	​	​	​	​	​
​	​	​	March 31,	​	​	December 31,
(in thousands)	​	​	2023	​	​	2022
Operating lease ROU assets, net	​	$	284	​	$	322
Lease Liabilities:	​	​	​	​	​	​
Current lease liabilities	​	$	77	​	$	133
Long term lease liabilities	​	​	213	​	​	226
Total lease liabilities	​	$	290	​	$	359
​	​	​	​	​	​	​
Weighted average remaining lease term (in years):	​		2.7	​	​	​
Weighted average discount rate:	​		5.2	%	​	​

​

​

​	​	​	​	​	​	​
​	​	For the Three Months Ended
​	​	March 31,
​	​	​	2023	​	​	2022
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​
Operating cash flows used in operating leases	​	$	66	​	$	57
Non-cash impact of new leases and lease modifications	​	​	​	​	​	​
Change in operating lease liabilities	​	$	(9)	​	$	—
Change in operating lease ROU assets	​	$	5	​	$	—

​

​

Minimum future payments under the Company’s lease liabilities as of March 31, 2023 are as follows:

​

​	​	​	​	​	​	​
​		Discounted			Payments
​	​	lease		​	due under
(in thousands)	​	liability		​	lease
​	​	payments		​	agreements
2023		$	64		$	73
2024		​	54		​	65
2025	​	​	59	​	​	66
2026	​	​	63	​	​	67
2027	​	​	50	​	​	51
Total	​	$	290	​	$	322

​

At March 31, 2023, $32 thousand of the Company’s future minimum lease payments represents interest.

X

- References

No definition available.

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X

- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI https://asc.fasb.org/topic&trid=2155823

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916

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