XML 86 R12.htm IDEA: XBRL DOCUMENT v3.25.1
LEASES
 12 Months Ended
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,
20242023
Lease cost$303 $461 
Supplemental Consolidated Balance Sheet information related to the Company’s operating leases is as follows (in thousands):
At December 31,
 20242023
Operating Leases
Operating lease right-of-use assets$377 $899 
Operating lease liabilities393 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
2025182 
2026186 
202794 
Total future undiscounted lease payments462 
Less imputed interest(69)
Total lease obligations$393 
Supplemental cash flow information related to leases was as follows (in thousands):
Years ended December 31,
 20242023
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,
20242023
Lease cost$303 $461 
Supplemental Consolidated Balance Sheet information related to the Company’s operating leases is as follows (in thousands):
At December 31,
 20242023
Operating Leases
Operating lease right-of-use assets$377 $899 
Operating lease liabilities393 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
2025182 
2026186 
202794 
Total future undiscounted lease payments462 
Less imputed interest(69)
Total lease obligations$393 
Supplemental cash flow information related to leases was as follows (in thousands):
Years ended December 31,
 20242023
Supplemental Cash Flow Information: 
Cash paid, net, for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$343 $383