XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.24.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2024
Leases |
Leases | 11. Leases. The Company is party to leasing contracts in which the Company is the lessee. These lease contracts are classified as either operating or finance leases. The Company’s lease contracts include land, buildings, and equipment. Remaining lease terms range from 1 to 15 years with various term extension options available. The Company includes optional extension periods and early termination options in its lease term if it is reasonably likely that the Company will exercise an option to extend or terminate early. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term, at the later of the commencement date or business combination date. Because most of the Company’s leases do not provide an implicit rate of return, the discount rate is based on the collateralized borrowing rate of the Company, on a portfolio basis. The weighted average remaining lease term and weighted average discount rate is as follows at:
|  | September 30, 2024 |
Weighted average remaining lease term (years) |  |  |
Finance leases |  |  | 4.31 |
Operating leases |  |  | 14.11 |
Weighted average discount rate applied |  |  |  |
Finance leases |  |  | 5.40 | %
Operating leases |  |  | 8.22 | %
The components of lease expense from continuing operations are as follows within our condensed consolidated statements of operations and comprehensive income (loss):
|  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 2024 |
Operating lease expense: |  |  |  |  |  |
Operating lease cost |  | $ | 1,061,000 |  |  | $ | 2,565,000 |
Short-term variable lease cost (1) |  |  | 67,000 |  |  |  | 277,000 |
Finance lease expense: |  |  |  |  |  |  |  |
Finance lease cost - depreciation |  |  | 8,000 |  |  |  | 11,000 |
Total lease expense |  | $ | 1,136,000 |  |  | $ | 2,853,000 |
| (1) | In the Form 10-Q for the second quarter, management incorrectly disclosed the short-term variable lease expense for the six months ended June 30, 2024. Management corrected the disclosure above. There was no impact on the condensed consolidated statement of operations in either period.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 2023 |
Operating lease expense: |  |  |  |  |  |
Related party lease |  | $ | 1,000 |  |  | $ | 2,000 |
Other |  |  | 5,000 |  |  |  | 13,000 |
Total lease expense |  | $ | 6,000 |  |  | $ | 15,000 |
Lease expense from discontinued operations |  | $ | 6,000 |  |  | $ | 15,000 |
Supplemental cash flow information related to leases where the Company is the lessee is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2024 |  |  | September 2024 |
Operating cash flows from operating leases |  | $ | 927,000 |  |  | $ | 2,155,000 |
Financing cash flows from finance leases |  |  | 8,000 |  |  |  | 11,000 |
Leased assets obtained in exchanged for operating lease liabilities |  |  | - |  |  |  | 34,289,000 |
Leased assets obtained in exchange for finance lease liabilities |  |  | 62,000 |  |  |  | 84,000 |
As of September 30, 2024, the maturities of the operating and finance lease liabilities are as follows:
Year ending December 31, |  | Operating Leases |  |  | Finance Leases |
remainder of 2024 |  | $ | 926,000 |  |  | $ | 7,000 |
2025 |  |  | 3,770,000 |  |  |  | 25,000 |
2026 |  |  | 3,842,000 |  |  |  | 14,000 |
2027 |  |  | 3,919,000 |  |  |  | 14,000 |
2028 |  |  | 3,809,000 |  |  |  | 14,000 |
2029 |  |  | 3,827,000 |  |  |  | 9,000 |
Thereafter |  |  | 38,081,000 |  |  |  | - |
Total Lease Payments |  |  | 58,174,000 |  |  |  | 83,000 |
Less discount to PV |  |  | (24,403,000 | ) |  |  | (9,000 | )
Liability balance |  | $ | 33,771,000 |  |  | $ | 74,000 |

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 lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/840/tableOfContent + Details
Name: | us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration