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OPERATING LEASE COMMITMENTS | 12 Months Ended
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Dec. 31, 2023
OPERATING LEASE COMMITMENTS |
OPERATING LEASE COMMITMENTS | NOTE 6 – OPERATING LEASE COMMITMENTS We have commitments under non-cancelable operating leases and other agreements, primarily for factory and office space, with initial or remaining terms of one year or more for the year ending December 31 are as follows:
|  | December 31, 2023 Operating Lease Commitments |
(in thousands) |  |  |
2024 |  | $ | 841 |
2025 |  |  | 591 |
2026 |  |  | 133 |
2027 |  |  | 48 |
2028 & Thereafter |  |  | - |
Total |  | $ | 1,613 |
Less imputed interest |  |  | (113 | )
Total operating lease liabilities |  | $ | 1,500 |
Payments for operating lease liabilities for the twelve months ended December 31, 2023 and 2022, respectively, was $894,000 and $779,000 which included short-term lease costs of $25,000 and 45,000. There were no new or modified leases during the twelve months ended December 31, 2023 that are accounted for in the amounts disclosed above. The total annual lease expense in 2023 and 2022, including operating lease expenses and short-term lease expenses, was approximately $745,000 and $899,000, respectively. Variable payments were not material and were treated as non-lease components and were recognized in the period for which the costs occur. For the largest lease component, the company has three facilities with our headquarters and primary engineering and operational functions located in Redmond, Washington. Our two subsidiary facilities in Munich, Germany and Shanghai, China provide extended worldwide sales, service, engineering and operation services. The total annual gross or base lease payments during 2023 and 2022 were approximately $823,000 and $713,000, respectively. The lease payment increase in 2023 was due primarily to lease abatement incentives for lease renewals in 2022 and standard rate increase in 2023. The Redmond, Washington headquarters facility lease runs to January 31, 2026 at approximately 20,460 square feet. The lease for the facility located in Shanghai, China runs to October 31, 2024 at approximately 19,400 square feet. The lease for the facility located near Munich, Germany runs to August 2027 at approximately 4,895 square feet. The following table presents supplemental balance sheet information related to leases as of December 31, 2023 and 2022:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
(in thousands) |  |  |  |  |  |
Right-of-use assets (Long-term other assets) |  | $ | 1,363 |  |  | $ | 2,129 |
Lease liability-short term (Other accrued liabilities) |  | $ | 798 |  |  | $ | 799 |
Lease liability-long term (Operating lease liabilities) |  | $ | 703 |  |  | $ | 1,500 |
At December 31, 2023, the weighted average remaining lease term is 2.17 years and the weighted average discount rate used is 5%.

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