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RIGHT-OF-USE ("ROU") ASSETS AND LEASES LIABILITIES
3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
RIGHT-OF-USE ("ROU") ASSETS AND LEASES LIABILITIES

7. RIGHT-OF-USE (“ROU”) ASSETS AND LEASES LIABILITIES

 

The Company has operating leases for its corporate offices, including its Palo Alto, California lease agreement which expires on April 30, 2025. As of March 31, 2024 the Palo Alto, California lease had an operating lease ROU assets of $194, current portion of operating lease liabilities of $189, and noncurrent portion of operating lease liabilities of $17, which are included in the Company's condensed consolidated balance sheets in other long term assets, accrued expenses and other current liabilities, and other noncurrent liabilities, respectively.

The weighted-average remaining lease term associated with the measurement of the Company's operating lease obligations is 13 months and the weighted-average discount rate is 7.9%.

 

The Company recorded short-term operating lease cost during the three months ended March 31, 2024 of $45. Cash paid for operating lease during the three months ended March 31, 2024 was $48.

 

Future minimum commitments due under the lease agreement as of March 31, 2024 are $165 for the remainder of 2024 and $50 thereafter.

 

On March 1, 2024, the Company entered into a lease agreement for approximately 10,000 square feet of warehouse space in Guilford, Connecticut. The lease term is 12 months beginning March 1, 2024, and includes an option to renew for an additional one-year term at the then prevailing rental rate. The exercise of the lease renewal option is at the Company’s sole discretion. The Company applied ASC 842 practical expedient for short-term leases, which allows entities with leases of 12 months or shorter to not recognize ROU assets and lease liabilities for short-term leases. Future minimum commitments due under the lease agreement as of March 31, 2024, are $52 for the remainder of 2024 and $12 thereafter.