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LEASES | 3 Months Ended
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Mar. 31, 2025
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. 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 during the third quarter of 2024. The weighted average remaining lease term for operating leases is 2.25 years. Components of the operating lease costs recognized in net loss were as follows (in thousands):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Operating lease cost |  |  |  |  |  |  |
Lease cost |  |  |  |  | $ | 48 |  |  | $ | 97 |
Operating lease cost, net |  |  |  |  | $ | 48 |  |  | $ | 97 |
Supplemental balance sheet information related to the Company’s operating leases as of March 31, 2025 and December 31, 2024 are as follows (in thousands):
| March 31, 2025 |  | December 31, 2024
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 345 |  |  | $ | 377 |
Operating lease liabilities | $ | 361 |  |  | $ | 393 |
Future minimum lease payments required under operating leases for each of the 12-month rolling periods below in effect at March 31, 2025 are as follows (in thousands):
|  | Operating Leases |  |  |
April 2025 through March 2026 |  | 183 |  |  |  |
April 2026 through March 2027 |  | 186 |  |  |  |
April 2027 through June 2027 |  | 47 |  |  |  |
Total future undiscounted lease payments |  | 416 |  |  |  |
Less imputed interest |  | (55) |  |  |  |
Total lease obligations |  | $ | 361 |  |  |  |
Supplemental cash flow information related to leases for the three months ended March 31, 2025 and 2024, was as follows (in thousands):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Supplemental cash flow information |  |  |  |  |  |  |
Cash paid, net, for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 45 |  |  | $ | 94 |
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. 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 during the third quarter of 2024. The weighted average remaining lease term for operating leases is 2.25 years. Components of the operating lease costs recognized in net loss were as follows (in thousands):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Operating lease cost |  |  |  |  |  |  |
Lease cost |  |  |  |  | $ | 48 |  |  | $ | 97 |
Operating lease cost, net |  |  |  |  | $ | 48 |  |  | $ | 97 |
Supplemental balance sheet information related to the Company’s operating leases as of March 31, 2025 and December 31, 2024 are as follows (in thousands):
| March 31, 2025 |  | December 31, 2024
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 345 |  |  | $ | 377 |
Operating lease liabilities | $ | 361 |  |  | $ | 393 |
Future minimum lease payments required under operating leases for each of the 12-month rolling periods below in effect at March 31, 2025 are as follows (in thousands):
|  | Operating Leases |  |  |
April 2025 through March 2026 |  | 183 |  |  |  |
April 2026 through March 2027 |  | 186 |  |  |  |
April 2027 through June 2027 |  | 47 |  |  |  |
Total future undiscounted lease payments |  | 416 |  |  |  |
Less imputed interest |  | (55) |  |  |  |
Total lease obligations |  | $ | 361 |  |  |  |
Supplemental cash flow information related to leases for the three months ended March 31, 2025 and 2024, was as follows (in thousands):
|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Supplemental cash flow information |  |  |  |  |  |  |
Cash paid, net, for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 45 |  |  | $ | 94 |

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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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