Leases

3 Months Ended

Mar. 31, 2024

Note 5: Leases

The Company has operating leases for real estate (primarily its operating facilities) and certain equipment with various expiration dates. The Company also has one finance lease for certain equipment. Rent expense was $422,000 and $212,000, for the three months ended March 31, 2024 and 2023, respectively. Cash paid for operating leases during the three months ended March 31, 2024, was $279,000.

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023
Operating leases:
Right of use assets	$	5,534	$	4,116

Operating lease liabilities, current	$	1,039	$	751
Operating lease liabilities, noncurrent		4,769		3,506
Total operating lease liabilities	$	5,808	$	4,257

Finance leases:
Right of use assets	$	134	$	147

Finance lease liabilities, current	$	53	$	52
Finance lease liabilities, noncurrent		90		104
Total finance lease liabilities	$	143	$	156

Maturities of lease liabilities for the Company’s operating and finance leases are as follows as of March 31, 2024 (in thousands):


	Operating Leases			Finance Leases			Total
2024 (remaining nine months)	$	1,173		$	47		$	1,220
2025		1,648			32			1,680
2026		1,743			22			1,765
2027		1,436			22			1,458
2028		1,060			22			1,082
Thereafter		361			22			383
Total lease payments		7,421			167			7,588
Less: imputed interest		(1,613	)		(24	)		(1,637	)
Present value of lease liabilities	$	5,808		$	143		$	5,951

The weighted average remaining lease term for operating leases is 4.2 years, and 4.5 years for finance leases. The weighted average discount rate for operating leases is 10.6% and 6.4% for finance leases.