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Note 7 - Leases

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023, were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2024			2023			2024			2023
Operating lease cost	$	520		$	491		$	1,539		$	1,517
Short-term lease cost		46			19			148			150
Sublease income		(17	)		(25	)		(68	)		(76	)
Total lease cost	$	549		$	485		$	1,619		$	1,591

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

	Nine Months Ended September 30,
(in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	1,745	$	1,764
Right-of-use assets obtained in exchange for lease obligations		2,945		277

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

	September 30,			December 31,
(in thousands)	2024			2023
Operating lease right-of-use assets	$	6,523		$	4,773

Current portion, operating lease liabilities	$	1,127		$	1,416
Operating lease liabilities, long-term		6,706			4,794
Total operating lease liabilities	$	7,833		$	6,210

Weighted average remaining lease term (years)		5
Weighted average discount rate		8.9	%

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

(in thousands)
2024 (remainder of the year)	$	425
2025		1,808
2026		1,812
2027		1,785
2028		1,774
Thereafter		2,408
Total lease payments		10,012
Less imputed interest		(2,179	)
Total operating lease liabilities	$	7,833