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LEASES
 9 Months Ended
Sep. 30, 2023
LEASES  
LEASES

NOTE 5 – LEASES

 

Our leasing arrangements are primarily for facility leases we use to conduct our operations. The following table presents our future lease payments for long-term operating leases as of September 30, 2023:

 

 

 

Operating

Lease Commitments

 

(in thousands)

 

 

 

2023 (remaining)

 

$218

 

2024

 

 

806

 

2025

 

 

588

 

2026

 

 

130

 

2027

 

 

46

 

Thereafter

 

 

-

 

Total

 

$1,788

 

Less imputed interest

 

 

(103)

Net operating lease liabilities

 

$1,685

 

 

Cash paid for operating lease liabilities for the three and nine months ended September 30, 2023 was $221,000 and $664,000, respectively.  Cash paid for operating lease liabilities for the three and nine months ended September 30, 2022 was $138,000 and $555,000, respectively. 

The following table presents supplemental balance sheet information related to leases:

 

 

 

Balance at

September 30,

2023

 

 

Balance at

December 31,

2022

 

(in thousands)

 

 

 

 

 

 

Right-of-use assets (Long-term other assets)

 

$1,537

 

 

$2,129

 

Lease liability-short term (Other accrued liabilities)

 

 

815

 

 

 

799

 

Lease liability-long term (Operating lease liabilities)

 

 

871

 

 

 

1,500

 

 

At September 30, 2023, the weighted average remaining lease term is 2.27 years and the weighted average discount rate used is 5%.

 

The components of our lease expense for the three and nine months ended September 30, 2023 include operating lease costs of $206,000 and $636,000, respectively, and short-term lease costs of $8,000 and $21,000, respectively. This compares to the three and nine months ended September 30, 2022 with operating lease costs of $209,000 and $642,000 respectively, and short-term lease costs of $8,000 and $35,000, respectively.

 

The Redmond, Washington headquarters facility lease runs to January 31, 2026.  The lease is for approximately 20,460 square feet. The lease for a facility located in Shanghai, China runs to October 31, 2024.  This lease is for approximately 19,400 square feet. The lease for our facility located near Munich, Germany runs to August 2027.  This lease is for approximately 4,895 square feet.