XML 21 R12.htm IDEA: XBRL DOCUMENT
v3.25.2

LEASES | 6 Months Ended
--- | ---
Jun. 30, 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 rent expense was decreased in proportion to the reduction in rentable square footage. 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 2.0 years. Components of the operating lease costs recognized in net loss were as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost |  |  |  |  |  |  |
Lease cost | $ | 44 |  |  | $ | 98 |  |  | $ | 92 |  |  | $ | 195 |
Total lease cost | $ | 44 |  |  | $ | 98 |  |  | $ | 92 |  |  | $ | 195 |
Supplemental balance sheet information related to the Company’s operating leases as of June 30, 2025 and December 31, 2024 are as follows (in thousands):
| June 30, 2025 |  | December 31, 2024
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 312 |  |  | $ | 377 |
Operating lease liabilities | 326 |  |  | 393 |
Future minimum lease payments required under operating leases for each of the 12-month rolling periods below in effect at June 30, 2025 are as follows (in thousands):
|  | Operating Leases |  |  |
July 2025 to June 2026 |  | $ | 184 |  |  |  |
July 2026 to June 2027 |  | 187 |  |  |  |
Total future undiscounted lease payments |  | 371 |  |  |  |
Less imputed interest |  | (45) |  |  |  |
Total lease obligations |  | $ | 326 |  |  |  |
Supplemental cash flow information related to leases for the three and six months ended June 30, 2025 and 2024, was as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 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 |  |  | $ | 93 |  |  | $ | 90 |  |  | $ | 187 |
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 rent expense was decreased in proportion to the reduction in rentable square footage. 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 2.0 years. Components of the operating lease costs recognized in net loss were as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost |  |  |  |  |  |  |
Lease cost | $ | 44 |  |  | $ | 98 |  |  | $ | 92 |  |  | $ | 195 |
Total lease cost | $ | 44 |  |  | $ | 98 |  |  | $ | 92 |  |  | $ | 195 |
Supplemental balance sheet information related to the Company’s operating leases as of June 30, 2025 and December 31, 2024 are as follows (in thousands):
| June 30, 2025 |  | December 31, 2024
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 312 |  |  | $ | 377 |
Operating lease liabilities | 326 |  |  | 393 |
Future minimum lease payments required under operating leases for each of the 12-month rolling periods below in effect at June 30, 2025 are as follows (in thousands):
|  | Operating Leases |  |  |
July 2025 to June 2026 |  | $ | 184 |  |  |  |
July 2026 to June 2027 |  | 187 |  |  |  |
Total future undiscounted lease payments |  | 371 |  |  |  |
Less imputed interest |  | (45) |  |  |  |
Total lease obligations |  | $ | 326 |  |  |  |
Supplemental cash flow information related to leases for the three and six months ended June 30, 2025 and 2024, was as follows (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 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 |  |  | $ | 93 |  |  | $ | 90 |  |  | $ | 187 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration