Leases

9 Months Ended

Sep. 30, 2024

Leases

Leases

Note 9 – Leases

The Company has operating leases for corporate offices and office equipment. The leases have remaining lease terms of 1 year to 5 years.

Lease cost, as presented below, includes costs associated with leases for which right-of-use (“ROU”) assets have been recognized as well as short-term leases.

The components of total lease costs were as follows:

	Three months ended September 30, 2024		Three months ended September 30, 2023
	(in thousands)
Operating lease cost	$	112	$	90
Finance lease cost:
Amortization of right-of-use assets		-		2
Interest on lease liabilities		-		-
Total finance lease cost		-		2
Variable lease cost		37		2
Total lease cost	$	149	$	94

	Nine months ended September 30, 2024		Nine months ended September 30, 2023
	(in thousands)
Operating lease cost	$	364	$	272
Finance lease cost:
Amortization of right-of-use assets		4		6
Interest on lease liabilities		2		2
Total finance lease cost		6		8
Variable lease cost		62		9
Total lease cost	$	432	$	289

Supplemental cash flow information related to leases was as follows:

	Nine months ended September 30, 2024		Nine months ended September 30, 2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	456	$	272
Financing cash flows from finance leases	$	4	$	4

Supplemental balance sheet information related to leases was as follows:

	September 30, 2024			December 31, 2023
	(in thousands)
Operating lease right-of-use assets	$	1,438		$	1,803
Finance lease right-of-use assets	$	23		$	4
Current portion of operating lease liabilities	$	333		$	442
Operating lease liabilities, net of current portion		1,136			1,390
Total operating lease liabilities	$	1,469		$	1,832
Current portion of finance lease liabilities	$	5		$	4
Finance lease liabilities, net of current portion		18			-
Total finance lease liabilities	$	23		$	4
Weighted average remaining lease term
Operating leases		3.8 years			4.3 years
Finance leases		4.1 years			0.6 years
Weighted average discount rate
Operating leases		8.0	%		8.0	%
Finance leases		8.0	%		8.0	%

As of September 30, 2024, maturities of lease liabilities were as follows:

	Operating Leases			Finance Leases
	(in thousands)
2024 (excluding the nine months ended September 30, 2024)	$	107		$	1
2025		435			7
2026		450			7
2027		450			7
2028		251			5
Total future minimum lease payments		1,693			27
Less imputed interest		(224	)		(4	)
Total	$	1,469		$	23