Leases (Tables)

12 Months Ended

Dec. 31, 2023

For the years ended December 31, 2023 and 2022, a summary of the Company’s lease information is shown below:


	Year Ended December 31,
(In thousands)	2023			2022
Lease cost:
Operating lease costs	$	699		$	672
Other information:
Cash paid for operating leases	$	765		$	743
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	1,919		$	-
Weighted average discount rate for operating leases(2)		10	%		-

(1)

The Amended Lease resulted in an addition of $1,919 to right-of-use assets and operating lease liabilities, as of September 20, 2023 (the "Remeasurement Date").

(2)

The Company used 10.0%, its estimated incremental borrowing rate for similar secured assets, as the discount rate for the Amended Lease to determine the present value of the lease payments because the implicit rate is not readily determinable. The discount rate was calculated on the basis of information available as of the Remeasurement Date. The Company used 8.0%, its estimated incremental borrowing rate for similar secured assets calculated on the basis of information available as of January 1, 2019, the initial application date, as the discount rate for the leases that existed prior to the Remeasurement Date, to determine the present value of the lease payments.

Scheduled Future Maturities and Present Value of Operating Lease Liabilities

As of December 31, 2023, scheduled future maturities and present value of the operating lease liabilities are as follows:


(In thousands)
Year	December 31, 2023
2024		790
2025		580
2026		519
2027		535
2028		551
2029 and thereafter		279
Total maturities	$	3,254
Present value included in condensed consolidated balance sheet:
Current portion of operating lease liabilities	$	569
Noncurrent operating lease liabilities		1,999
Total operating lease liabilities	$	2,568
Difference between the maturities and the present value of operating lease liabilities	$	686