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Note 4 - Leases | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 4. LEASES The Company’s operating lease right-of-use assets and lease liabilities are recognized at their discounted present value under the following captions in the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (in thousands) |
Right-of-use assets |  | $ | 733 |  |  | $ | 868 |
Lease liabilities |  |  |  |  |  |  |  |
Current lease obligation |  | $ | 179 |  |  | $ | 189 |
Long-term lease obligation |  |  | 658 |  |  |  | 794 |
Total lease liabilities |  | $ | 837 |  |  | $ | 983 |
The Company recognizes lease expense on a straight-line basis excluding short-term and variable lease payments, which are recognized as incurred. Short-term lease cost represents payments for office leases with original terms less than one year. Beginning in March 2020, the Company subleased its Denver, Colorado office and recognized sublease income as a reduction of rent expense. The term of the sublease was through the term of the Company’s Denver office lease, which terminated on January 31, 2023. Following are the amounts recognized as components of rental expense for the three and nine months ended September 30, 2023 and 2022:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Operating lease cost |  | $ | 49 |  |  | $ | 77 |  |  | $ | 162 |  |  | $ | 177 |
Short-term lease cost |  |  | 312 |  |  |  | 2 |  |  |  | 731 |  |  |  | 6 |
Sublease income |  |  | - |  |  |  | (21 | ) |  |  | - |  |  |  | (54 | )
Total lease costs |  | $ | 361 |  |  | $ | 58 |  |  | $ | 893 |  |  | $ | 129 |
The Company’s Houston office operating lease does not contain implicit interest rates that can be readily determined; therefore, the Company used the incremental borrowing rates in effect at the time the Company entered into the leases.
|  | As of September 30, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Weighted average lease term (years) |  |  | 4.2 |  |  |  | 5.0 |
Weighted average discount rate |  |  | 4.25 | % |  |  | 4.47 | %
Maturity of operating lease liabilities with terms of one year or more as of September 30, 2023 are presented in the following table:
|  | September 30, 2023 |
|  | (in thousands) |
2023 |  | $ | 52 |
2024 |  |  | 213 |
2025 |  |  | 218 |
2026 |  |  | 224 |
2027 |  |  | 210 |
Total lease payments |  | $ | 917 |
Less: imputed interest |  |  | (80 | )
Total lease liability |  | $ | 837 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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