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Fixed Assets

6 Months Ended

Jun. 30, 2024

Fixed Assets

Fixed Assets

Note 3 – Fixed Assets

Fixed Assets

Fixed assets are summarized as follows:

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
(in thousands)		2024			2023
Office furniture and equipment	​	$	60	​	$	60
Leasehold improvements	​		43	​		43
Construction in progress	​	​	18	​	​	—
​	​	​	121	​	​	103
Accumulated depreciation and amortization	​		(74)	​		(63)
​	​	​	47	​	​	40
Operating lease ROU assets, net	​	​	224	​	​	235
Total	​	$	271	​	$	275

​

Depreciation expense for the three and six months ended June 30, 2024 was $4 thousand and $11 thousand, respectively.

Depreciation expense for the three and six months ended June 30, 2023 was $41 thousand and $81 thousand, respectively.

Leases

The Company leases office space in Tulsa, Oklahoma, Seattle, Washington, and Beijing, China. During the three months ended June 30, 2024 and 2023, the Company renewed its Beijing, China lease for 13 months with monthly rent at approximately $3 thousand. As a result of these renewals, the Company increased the right of use (“ROU”) asset and lease liability by $32 thousand and $34 thousand during the three months ended June 30, 2024 and 2023, respectively.

​

The Company exited our long-term Seattle operating lease on September 30, 2023. During October 2023, the Company entered into a sub-lease agreement to rent office space in Seattle for approximately $2 thousand per month for twelve months. The Tulsa and Beijing leases are classified as operating leases, with remaining terms ranging from less than twelve months to approximately four 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 return the premises to its original functional state. The Company did not incur restoration expenses for the three and six months ended June 30, 2024. The Company incurred $29 thousand and $31 thousand for the three and six months ended June 30, 2023, 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 $10 thousand. Operating lease costs for the three and six months ended June 30, 2024 were $24 thousand and $48 thousand, respectively. Operating lease costs for the three and six months ended June 30, 2023 were $34 thousand and $82 thousand, respectively.

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

​

​	​	​	​	​	​	​	​
​	​	​	June 30,	​	​	December 31,	​
(in thousands)	​	​	2024	​	​	2023	​
Operating lease ROU assets, net	​	$	224	​	$	235	​
Lease Liabilities:	​	​	​	​	​	​	​
Current lease liabilities	​	$	88	​	$	71	​
Long term lease liabilities	​	​	143	​	​	172	​
Total lease liabilities	​	$	231	​	$	243	​
​	​	​	​	​	​	​	​
Weighted average remaining lease term (in years):	​		2.0	​	​	2.4	​
Weighted average discount rate:	​		5.4	%	​	5.2	%

​

​

Supplemental cash flow information related to leases is as follows:

​

​	​	​	​	​	​	​
​	​	For the Six Months Ended
​	​	June 30,
(in thousands)	​	​	2024	​	​	2023
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​
Operating cash flows used in operating leases	​	$	49	​	$	99
Non-cash impact of new leases and lease modifications	​	​	​	​	​	​
Change in operating lease liabilities	​	$	29	​	$	25
Change in operating lease ROU assets	​	$	32	​	$	39

​

Minimum future payments under the Company’s lease liabilities as of June 30, 2024 are as follows:

​

​	​	​	​	​	​	​
​		Discounted			Payments
​	​	lease		​	due under
(in thousands)	​	liability		​	lease
​	​	payments		​	agreements
2024 (remaining 6 months)		$	43		$	49
2025		​	75		​	82
2026	​	​	63	​	​	67
2027	​	​	50	​	​	51
Total	​	$	231	​	$	249

​

At June 30, 2024, $18 thousand of our 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

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-Publisher FASB
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