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OPERATING LEASES | 12 Months Ended
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Dec. 31, 2023
Operating Leases |
OPERATING LEASES | NOTE 6 – OPERATING LEASES At December 31, 2022, the Company has two operating leases for its warehouse and office facilities that expired in 2023 and were both extended for three-year terms. The first lease expired February 28, 2023 and was extended beginning March 1, 2023 to February 28, 2026. The second lease expired August 31, 2023, and was extended beginning September 1, 2023 to August 31, 2026. The aggregate monthly lease payments range from $89 (year one), to $111 (year two), to $125 (year three), with an aggregate commitment of $3,896. The lease amendments to the two operating leases were considered new lease agreements and as a result, the Company recognized operating lease right-of-use assets and related operating lease liabilities of approximately $3,578 upon commencement of the new terms. The Company also has a third lease on a month-to-month basis and is charged $25 per month. The components of rent expense and supplemental cash flow information related to leases for the period are as follows: SCHEDULE OF RENT EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
Lease Cost (in thousands) |  |  |  |  |  |
Operating lease cost |  | $ | 1,123 |  |  | $ | 699 |
Operating lease cost (of which $145 is included in general and administration and $978 is included in cost of sales in the Company’s statement of operations for the year ended December 31, 2023, and $98 is included in general and administration and $601 is included in cost of sales in the Company’s statement of operations for the year ended December 31, 2022) |  | $ | 1,123 |  |  | $ | 699 |
Other Information |  |  |  |  |  |  |  |
Weighted average remaining lease term – operating leases (in years) |  |  | 2.4 |  |  |  | 0.4 |
Average discount rate – operating leases |  |  | 5.13 | % |  |  | 3.75 | %
The supplemental balance sheet information related to leases for the period is as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION
|  | At December 31, 2023 |  |  | At December 31, 2022 |
Operating leases (in thousands) |  |  |  |  |  |  |  |
Long-term right-of-use assets |  | $ | 2,818 |  |  | $ | 240 |
Long-term right-of-use assets, net of accumulated amortization of $760 and $2,577, respectively |  | $ | 2,818 |  |  | $ | 240 |
Current portion of operating lease liabilities |  | $ | 1,124 |  |  | $ | 268 |
Noncurrent portion of operating lease liabilities |  |  | 1,856 |  |  |  | — |
Total operating lease liabilities |  | $ | 2,980 |  |  | $ | 268 |
Maturities of the Company’s lease liabilities are as follows: SCHEDULE OF MATURITIES OF LEASE LIABILITIES
Year Ending (in thousands) |  | Operating Leases |
2024 |  | $ | 1,250 |
2025 |  |  | 1,446 |
2026 |  |  | 496 |
Total lease payments |  |  | 3,192 |
Less: Imputed interest/present value discount |  |  | (212 | )
Present value of lease liabilities |  | $ | 2,980 |
Rent expense for the twelve months ended December 31, 2023 and 2022 was $1,423 and $975, respectively (including short-term and other rentals).

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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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