Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expenses

Components of the Company’s lease expenses are as follows (in thousands):

	Three months ended March 31,
	2024		2023
Finance leases:
Amortization of ROU assets (1)	$	761	$	789
Interest on lease liability		392		401
Total finance lease expense		1,153		1,190
Operating leases:
Operating lease expense		439		371
Short-term lease rent expense		-		83
Total operating lease expense		439		454
Total lease expense	$	1,592	$	1,644

__________

(1) Amortization of finance lease ROU assets is included within depreciation expense.

Schedule of Other Information Related to Leases

Other information related to the Company’s leases is shown below (dollar amounts in thousands):

	Three months ended March 31,
	2024		2023
Operating cash flows - operating lease	$	401	$	395

	March 31, 2024			December 31, 2023
Weighted-average remaining lease term – finance lease (in years)		3.4			3.7
Weighted-average remaining lease term – operating lease (in years)		5.7			5.8
Weighted-average discount rate – finance lease		11.0	%		11.0	%
Weighted-average discount rate – operating lease		9.9	%		10.0	%
Finance lease ROU assets (1)	$	10,399		$	11,160

__________

(1) As of March 31, 2024 and December 31, 2023, the Company had recorded accumulated amortization of approximately $2.0 million and $1.3 million, respectively, for the finance lease ROU assets. Finance lease ROU assets are recorded within property and equipment, net on the Company’s consolidated balance sheets.

Schedule of Future Minimum Lease Payments

As of March 31, 2024, future minimum lease payments during the next five years are as follows (in thousands):

	Finance Lease			Operating Lease			Total
Year Ended December 31, 2024	$	3,626		$	1,428		$	5,054
Year Ended December 31, 2025		4,834			3,383			8,217
Year Ended December 31, 2026		4,834			1,668			6,502
Year Ended December 31, 2027		3,223			699			3,922
Year Ended December 31, 2028		-			-			-
Thereafter		-			2,520			2,520
Total lease payments		16,517			9,698			26,215
Less present value discount		(2,801	)		(2,469	)		(5,270	)
Total	$	13,716		$	7,229		$	20,945