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Note 10 - Leases | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
10. | Leases
The Company is a lessee under certain operating leases for office space and equipment. The components of lease expenses consisted of the following for the periods presented (in thousands):
|  |  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  |  | September 30, |  |  | September 30, |
Lease Costs |  | Classification |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | Selling, General and Administrative Expense |  | $ | 147 |  |  | $ | 71 |  |  | $ | 415 |  |  | $ | 212 |
Short-term lease cost |  | Selling, General and Administrative Expense |  |  | 22 |  |  |  | 19 |  |  |  | 277 |  |  |  | 130 |
Variable costs |  | Selling, General and Administrative Expense |  |  | - |  |  |  | 13 |  |  |  | - |  |  |  | 44 |
Total lease cost |  | $ | 169 |  |  | $ | 103 |  |  | $ | 692 |  |  | $ | 386 |
(1) Variable lease expense consists primarily of property taxes, property insurance, and common area or other maintenance costs for the Company’s leases of office space. The following includes supplemental information for the periods presented (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating cash flows from operating leases |  | $ | 105 |  |  | $ | 233 |  |  | $ | 415 |  |  | $ | 489 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease |  | $ | - |  |  | $ | 386 |  |  | $ | - |  |  | $ | 1,497 |
Balance sheet information related to leases consisted of the following as of the periods presented (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
Assets: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 838 |  |  | $ | 2,323 |
Liabilities: |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  |  | 508 |  |  |  | 1,163 |
Non-current portion of operating lease liabilities |  |  | 330 |  |  |  | 1,160 |
Total operating lease liabilities |  | $ | 838 |  |  | $ | 2,323 |
Weighted-average remaining lease term - operating leases (in years) |  |  | 3.56 |  |  |  | 2.64 |
Weighted-average discount rate - operating leases |  |  | 7.6 | % |  |  | 8.8 | %
The following table summarizes the maturities of lease liabilities as of September 30, 2024 (in thousands):
Period Ending December 31, |  | Amount |
2024 |  | $ | 134 |
2025 |  |  | 438 |
2026 |  |  | 144 |
2027 |  |  | 114 |
2028 |  |  | 73 |
Total Lease Payments |  |  | 903 |
Less: imputed interest |  |  | (65 | )
Total |  | $ | 838 |

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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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