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Fixed Assets

6 Months Ended

Jun. 30, 2023

Fixed Assets

Fixed Assets

Note 3 – Fixed Assets

Fixed Assets

Fixed assets are summarized as follows:

​

​	​	​	​	​	​	​	​
​	​	June 30,		​	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	​		(121)	​		(697)	​
​	​	​	191	​	​	62	​
Operating lease ROU assets, net	​	​	287	​	​	322	​
Total	​	$	478	​	$	384	​

​

Depreciation and amortization expense for the six months ended June 30, 2023 and 2022 totaled $81 thousand and $13 thousand, respectively.

Leases

The Company leases office space in Seattle, Washington, Tulsa, Oklahoma and Beijing, China. During June 2023, the Company renewed its Beijing, China lease agreement for 13 months with monthly rent at approximately $3 thousand. The Company increased the right of use asset and lease liability by $34 thousand.

​

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 three months to five 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 incurred restoration expenses of $31 thousand and $87 thousand for the six months ended June 30, 2023 and twelve months ended December 31, 2022, respectively.

​

The Tulsa lease contains fixed annual lease payments that increase annually by 2%. The Seattle, Tulsa, and Beijing total monthly minimum rent is approximately $12 thousand. Operating lease costs for the three and six months ended June 30, 2023 were $34 thousand and $82 thousand, respectively. Operating lease costs for the three and six months ended June 30, 2022 were $46 thousand and $88 thousand, respectively.

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

​

​	​	​	​	​	​	​
​	​	​	June 30,	​	​	December 31,
(in thousands)	​	​	2023	​	​	2022
Operating lease ROU assets, net	​	$	287	​	$	322
Lease Liabilities:	​	​	​	​	​	​
Current lease liabilities	​	$	95	​	$	133
Long term lease liabilities	​	​	199	​	​	226
Total lease liabilities	​	$	294	​	$	359
​	​	​	​	​	​	​
Weighted average remaining lease term (in years):	​		2.4	​	​	​
Weighted average discount rate:	​		5.4	%	​	​

​

​

​	​	​	​	​	​	​
​	​	For the Six Months Ended
​	​	June 30,
​	​	​	2023	​	​	2022
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​
Operating cash flows used in operating leases	​	$	99	​	$	119
Non-cash impact of new leases and lease modifications	​	​	​	​	​	​
Change in operating lease liabilities	​	$	25	​	$	25
Change in operating lease ROU assets	​	$	39	​	$	—

​

​

Minimum future payments under the Company’s lease liabilities as of June 30, 2023 are as follows:

​

​	​	​	​	​	​	​
​		Discounted			Payments
​	​	lease		​	due under
(in thousands)	​	liability		​	lease
​	​	payments		​	agreements
2023 (remaining 6 months)		$	52		$	59
2024		​	71		​	81
2025	​	​	58	​	​	66
2026	​	​	63	​	​	67
2027	​	​	50	​	​	51
Total	​	$	294	​	$	324

​

At June 30, 2023, $30 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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