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LEASES | 12 Months Ended
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Dec. 31, 2024
LEASES [Abstract] |
LEASES | 4. LEASES The Company leases certain real estate and periodically leases warehouse equipment under long-term lease agreements. The Company performs interim reviews of its operating and finance lease assets for impairment when evidence exists that the carrying value of an asset group, including a lease asset, may not be recoverable. The Company recognized $0.02 million in impairment expense related to its operating lease assets during the year ended December 31, 2024 and did not recognize any expense for the period ending December 31, 2023. Additional information regarding the Company’s operating and finance leases is as follows (in thousands, except for lease term and discount rate information):
Leases |  | Balance Sheet Classification |  | December 31, 2024 |  |  | December 31, 2023 |
(in thousands) |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Operating |  | Operating lease assets |  | $ | 10,323 |  |  | $ | 8,995 |
Finance |  | Financing lease assets |  |  | - |  |  |  | 23 |
Total assets |  |  |  | $ | 10,323 |  |  | $ | 9,018 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Operating |  | Current portion of operating lease liabilities |  | $ | 3,205 |  |  | $ | 3,172 |
Finance |  | Current portion of finance lease liabilities |  |  | - |  |  |  | - |
Non-current |  |  |  |  |  |  |  |  |  |
Operating |  | Operating lease liabilities, non-current |  |  | 7,561 |  |  |  | 6,253 |
Finance |  | Finance lease liabilities, non-current |  |  | - |  |  |  | 1 |
Total lease liabilities |  |  |  | $ | 10,766 |  |  | $ | 9,426 |
Lease Cost |  | Income Statement Classification |  | December 31, 2024 |  |  | December 31, 2023 |
(in thousands) |  |  |  |  |  |  |  |
Operating lease cost |  | Operating expenses |  | $ | 4,029 |  |  | $ | 3,908 |
Operating lease cost |  | Impairment expense |  |  | (18 | ) |  |  | - |
Short-term lease cost |  | Operating expenses |  |  | - |  |  |  | - |
Variable lease cost (1) |  | Operating expenses |  |  | 914 |  |  |  | 915 |
Finance: |  |  |  |  |  |  |  |  |  |
Amortization of lease assets |  | Operating expenses |  |  | - |  |  |  | 7 |
Interest on lease liabilities |  | Interest expense |  |  | - |  |  |  | - |
Total lease cost |  |  |  | $ | 4,925 |  |  | $ | 4,830 |
(1) Variable lease cost includes payment for certain real estate taxes, insurance, common area maintenance, and other charges related to lease agreements, which are not included in the measurement of the operating lease liabilities.
|  | December 31, 2024 |
Maturity of Lease Liabilities |  | Operating Leases |  |  | Finance Leases |
(in thousands) |  |  |  |  |  |
2025 |  |  | 3,840 |  |  |  | - |
2026 |  |  | 3,285 |  |  |  | - |
2027 |  |  | 2,730 |  |  |  | - |
2028 |  |  | 1,845 |  |  |  | - |
Thereafter |  |  | 1,319 |  |  |  | - |
Total lease payments |  | $ | 13,019 |  |  | $ | - |
Less: Interest |  |  | (2,253 | ) |  |  | - |
Present value of lease liabilities |  | $ | 10,766 |  |  | $ | - |
Other Information |  | December 31, 2024 |  |  | December 31, 2023 |
(in thousands) |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows used in operating leases |  | $ | 3,512 |  |  | $ | 3,955 |
Operating cash flows used in finance leases |  |  | - |  |  |  | - |
Financing cash flows used in finance leases |  |  | 1 |  |  |  | 15 |
Operating lease assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |
Operating leases, initial recognition |  |  | 4,755 |  |  |  | 3,396 |
Operating leases, modifications and remeasurements |  |  | - |  |  |  | - |
Lease Term and Discount Rate |  | December 31, 2024 |  |  | December 31, 2023 |
Weighted-average remaining lease term (years): |  |  |  |  |  |
Operating leases |  |  | 3.7 |  |  |  | 3.6 |
Finance leases |  |  | - |  |  |  | - |
Weighted-average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 5.3 | % |  |  | 4.8 | %
Finance leases |  |  | N/A |  |  |  | 6.0 | %

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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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