XML 33 R16.htm IDEA: XBRL DOCUMENT

Note 8 - Leases

12 Months Ended

Dec. 31, 2023

(8)

LEASES

As previously discussed in Note 2, we account for our leases in accordance with the guidance in ASC Topic 842. We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases that expire at various dates through 2031. Total operating lease and short-term lease costs for the years ended December 31, 2023 and 2022, respectively, were as follows:

	Years Ended December 31,
	2023		2022

Operating lease cost	$	1,590	$	1,340
Short-term lease cost	$	13	$	81

The following is additional information about our leases at December 31, 2023:

Range of remaining lease terms (in years)	0.3	to	7.3
Weighted average remaining lease term (in years)		4.3
Weighted average discount rate		4.6%

Maturities of lease liabilities at December 31, 2023 were as follows:

2024	$	2,078
2025		1,232
2026		931
2027		761
2028		361
Thereafter		584
Total lease payments	$	5,947
Less imputed interest		(525	)
Total	$	5,422

Cash Flow Information

Total amortization of ROU assets for the years ended December 31, 2023 and 2022 was $1,567 and $1,241, respectively.

Lease Modifications and Additions

Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 was as follows:

Year ended December 31, 2023

Non-cash increases in operating lease liabilities and ROU assets as a result of acquisitions and the execution of new leases:

	Operating Lease Liabilities		ROU Assets
Addition to facility leases – Environmental Technologies	$	90	$	90
Addition to automobile leases – Process Technologies	$	30	$	30
Addition to automobile leases – Process Technologies	$	41	$	41
Addition to facility leases – inTEST SE Asia	$	455	$	455
Extension of facility lease – Process Technologies	$	136	$	136

During the three months ended March 31, 2023, we entered into a 25-month lease for a facility for our Environmental Technologies segment’s operation in Germany. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $90. During this same period, we entered into a 36-month lease for a car for one of the employees of our Process Technologies segment who is based in Europe. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $30.

During three months ended June 30, 2023, we entered into a 48-month lease for a car for one of the employees of our Process Technologies segment who is based in Europe. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities totaling approximately $41.

During the three months ended December 31, 2023, we entered into a 36-month lease for a facility for our inTEST SE Asia operation which we expect will begin operations at some point in 2024, as discussed further in Note 1. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $455. During this same period, we entered also extended the lease for our Process Technologies operations in the Netherlands for an additional 36 months. At the effective date of this modification, we recorded non-cash increases in our ROU assets and operating lease liabilities totaling approximately $136.

Year ended December 31, 2022

Non-cash increases in operating lease liabilities and ROU assets as a result of acquisitions and the execution of new leases:

	Operating Lease Liabilities		ROU Assets
Extension of facility lease – Singapore	$	51	$	51
Addition to automobile leases – Videology	$	42	$	42
Addition to facility leases – Acculogic	$	942	$	942
Addition to facility leases – Acculogic	$	127	$	127

During three months ended March 31, 2022, we executed an amendment to the lease for our facility in Singapore which extended the term for a period of 24 months commencing on April 1, 2022 and expiring on March 31, 2024. At the effective date of this modification, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $51.

During the three months ended September 30, 2022, we executed a 48-month lease for an automobile for our Videology operation in Europe. At the effective date of this lease, we recorded a non-cash increase in our ROU assets and operating lease liabilities of approximately $42.

During the three months ended December 31, 2022, we executed a 62-month lease for a new facility for our Acculogic operation in Canada and a 37-month lease for a new facility for our Acculogic operation in California. At the effective dates of these leases, we recorded non-cash increases in our ROU assets and operating lease liabilities of approximately $942 and $127, respectively.