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Note 7 - Leases

6 Months Ended

Jun. 30, 2024

7.	Leases

The Company has noncancelable operating leases for offices, manufacturing facilities, warehouse space, automobiles and equipment expiring at various dates through 2030.

The components of lease expense for the three and six months ended June 30, 2024 and 2023, were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2024			2023			2024			2023
Operating lease cost	$	508		$	483		$	1,019		$	1,026
Short-term lease cost		52			64			102			131
Sublease income		(26	)		(26	)		(51	)		(51	)
Total lease cost	$	534		$	521		$	1,070		$	1,106

Supplemental cash flow information related to the Company's operating leases is as follows:

	Six Months Ended June 30,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	1,162	$	1,201
Right-of-use assets obtained in exchange for lease obligations		443		95

Supplemental balance sheet information related to the Company’s operating leases is as follows:

(in thousands)	June 30, 2024			December 31, 2023
Operating lease right-of-use assets	$	4,420		$	4,773

Current portion, operating lease liabilities	$	1,058		$	1,416
Operating lease liabilities, long-term		4,713			4,794
Total operating lease liabilities	$	5,771		$	6,210

Weighted average remaining lease term (years)		6
Weighted average discount rate		9.4	%

Future minimum lease payments for operating leases, with initial terms in excess of one year at June 30, 2024, are as follows:

(in thousands)
2024 (remainder of the year)	$	879
2025		1,278
2026		1,175
2027		1,138
2028		1,116
Thereafter		1,956
Total lease payments		7,542
Less imputed interest		(1,771	)
Total operating lease liabilities	$	5,771