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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES The Company leases certain equipment, manufacturing, warehouse and office space under non-cancellable operating leases with expirations through 2027 under which it is responsible for related maintenance, taxes and insurance. As of March 25, 2022, the terms of our real estate operating lease have been modified beginning July 1, 2022 and extended through 2027. Additionally, Effective July 1, 2024, our warehouse and office lease was amended to reduce the rentable square feet from 62,335 square feet to 29,692 square feet and the rent expenses were decreased in proportion to the reduction in rentable square. The Company recorded this as a lease modification in accordance with ASC 842 Leases (“ASC 842”) and recorded a reduction to the right of use asset and lease liability of approximately $395 thousand using an incremental borrowing rate of approximately 13.64%. The Company recognized a gain on the lease modification of $63 thousand which was recorded as other income in the Statement of Operations. The weighted average remaining lease term for the operating leases is 2.5 years. Components of the operating lease costs recognized in net loss were as follows (in thousands):
| For the years ended December 31,
| 2024 |  | 2023
Lease cost | $ | 303 |  |  | $ | 461 |
Supplemental Consolidated Balance Sheet information related to the Company’s operating leases is as follows (in thousands):
| At December 31, |
| 2024 |  | 2023 |
Operating Leases |  |  |  |
Operating lease right-of-use assets | $ | 377 |  |  | $ | 899 |  |
Operating lease liabilities | 393 |  |  | 1,021 |  |
Future minimum lease payments required under operating and finance leases for each of the years 2025 through 2027 are as follows (in thousands):
| Operating Leases |  |  |
2025 | 182 |  |  |  |
2026 | 186 |  |  |  |
2027 | 94 |  |  |  |
Total future undiscounted lease payments | 462 |  |  |  |
Less imputed interest | (69) |  |  |  |
Total lease obligations | $ | 393 |  |  |  |
Supplemental cash flow information related to leases was as follows (in thousands):
| Years ended December 31, |
| 2024 |  | 2023 |
Supplemental Cash Flow Information: |  |  |  |
Cash paid, net, for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases | $ | 343 |  |  | $ | 383 |  |
LEASES | LEASES The Company leases certain equipment, manufacturing, warehouse and office space under non-cancellable operating leases with expirations through 2027 under which it is responsible for related maintenance, taxes and insurance. As of March 25, 2022, the terms of our real estate operating lease have been modified beginning July 1, 2022 and extended through 2027. Additionally, Effective July 1, 2024, our warehouse and office lease was amended to reduce the rentable square feet from 62,335 square feet to 29,692 square feet and the rent expenses were decreased in proportion to the reduction in rentable square. The Company recorded this as a lease modification in accordance with ASC 842 Leases (“ASC 842”) and recorded a reduction to the right of use asset and lease liability of approximately $395 thousand using an incremental borrowing rate of approximately 13.64%. The Company recognized a gain on the lease modification of $63 thousand which was recorded as other income in the Statement of Operations. The weighted average remaining lease term for the operating leases is 2.5 years. Components of the operating lease costs recognized in net loss were as follows (in thousands):
| For the years ended December 31,
| 2024 |  | 2023
Lease cost | $ | 303 |  |  | $ | 461 |
Supplemental Consolidated Balance Sheet information related to the Company’s operating leases is as follows (in thousands):
| At December 31, |
| 2024 |  | 2023 |
Operating Leases |  |  |  |
Operating lease right-of-use assets | $ | 377 |  |  | $ | 899 |  |
Operating lease liabilities | 393 |  |  | 1,021 |  |
Future minimum lease payments required under operating and finance leases for each of the years 2025 through 2027 are as follows (in thousands):
| Operating Leases |  |  |
2025 | 182 |  |  |  |
2026 | 186 |  |  |  |
2027 | 94 |  |  |  |
Total future undiscounted lease payments | 462 |  |  |  |
Less imputed interest | (69) |  |  |  |
Total lease obligations | $ | 393 |  |  |  |
Supplemental cash flow information related to leases was as follows (in thousands):
| Years ended December 31, |
| 2024 |  | 2023 |
Supplemental Cash Flow Information: |  |  |  |
Cash paid, net, for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases | $ | 343 |  |  | $ | 383 |  |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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