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OPERATING LEASE COMMITMENTS

6 Months Ended

Jun. 30, 2024

NOTE 5 – OPERATING LEASE COMMITMENTS

We have commitments under non-cancelable operating leases and other agreements, primarily for factory and office space, with initial or remaining terms of one year or more as of June 30, 2024 are as follows:

	June 30, 2024 Operating Lease Commitments
(in thousands)
2024 (remaining)	$	396
2025		583
2026		127
2027		47
2028 & Thereafter		0
Total	$	1,153
Less imputed interest		(70	)
Total operating lease liabilities	$	1,083

For the largest lease component, the Company has three facilities with our headquarters and primary engineering and operational functions located in Redmond, Washington. Our two subsidiary facilities in Munich, Germany and Shanghai, China provide extended worldwide sales, service, engineering and operation services. The components of our lease expense for the three and six months ended June 30, 2024, include facility related operating lease costs of $207,000 and $415,000, respectively, and short-term lease costs of $8,000 and $17,000, respectively. There were no new operating leases during the three and six months ended June 30, 2024.

The Redmond, Washington headquarters facility lease runs to January 31, 2026 at approximately 20,460 square feet. The lease for the facility located in Shanghai, China runs to October 31, 2024 at approximately 19,400 square feet. The lease for the facility located near Munich, Germany runs to August 2027 at approximately 4,895 square feet.

The following table presents supplemental balance sheet information related to leases as of June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
(in thousands)
Right-of-use assets (Long-term other assets)	$	967	$	1,363
Lease liability-short term (Other accrued liabilities)		661		798
Lease liability-long term (Operating lease liabilities)		421		703

At June 30, 2024, the weighted average remaining lease term is 1.73 years and the weighted average discount rate used is 5%.