Note 7 - Leases

12 Months Ended

Dec. 31, 2024

7. LEASES

We lease certain equipment, vehicles, and office space. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet. Leases are presented in our consolidated balance sheets within Operating right-of-use-assets, net, Operating lease liabilities – current, and Operating lease liabilities – long-term.

The following presents the various components of lease costs.

	*Year Ended December 31,*
	*2024*		*2023*
Operating lease cost	$	1,455	$	1,933

The following table presents supplemental information relating to the cash flows arising from lease transactions. Cash payments related to short-term leases are not included in the measurement of operating lease liabilities, and as such, are excluded from the amounts below.

	*Year Ended December 31,*
	*2024*		*2023*
Operating cash outflows from operating leases	$	1,455	$	1,933

The following table presents the weighted-average lease term and discount rate for operating leases.

	*Year Ended December 31,*
	*2024*			*2023*
Operating leases
Weighted-average remaining lease term	1.63 yrs.			2.8 yrs.
Weighted-average discount rate		4.00	%		4.00	%

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter.

Years ending December 31,	*Operating leases*
2025	$	1,322
2026		1,131
2027		587
2028		192
2029		320
Thereafter		—
Imputed Interest (1)		(233	)
Total	$	3,319

⁽¹⁾	Imputed interest represents the difference between undiscounted cash flows and cash flows.