Leases

12 Months Ended

Dec. 31, 2023

Note 10. Leases

Operating leases

We have operating leases for office space. Our leases have remaining lease terms from 9 months to 6.5 years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within one year.

The following table provides a summary of leases by balance sheet category as of December 31, 2023 and 2022 (in thousands):


Description	December 31, 2023		December 31, 2022
Operating right-of-use assets	$	3,023	$	3,940
Operating lease liability - current	$	778	$	1,067
Operating lease liability - non-current	$	2,334	$	3,014

The components of lease expenses for the years ended December 31, 2023 and 2022 were as follow (in thousands):


	Year Ended		Year Ended
	December 31, 2023		December 31, 2022
Operating lease cost	$	1,299	$	1,125

The following table provides a summary of other information related to leases for the years ended December 31, 2023 and 2022 (in thousands):


	Year Ended			Year Ended
	December 31, 2023			December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,369		$	1,135
Right-of-use assets obtained in exchange of new operating lease liabilities		160			275
Weighted-average remaining lease term - operating leases	4.6 years			5.6 years
Weighted-average discount rate - operating leases		7	%		7	%

The Company determined that using a discount rate of 7% is reasonable, as this is consistent with the mortgage rates for commercial properties for the time period commensurate with the terms of the leases.

Maturity of lease liabilities under our non-cancellable operating leases as of December 31, 2023 are as follow (in thousands):


Fiscal Year	Operating leases
2024	$	1,018
2025		828
2026		523
2027		357
2028		357
Thereafter		759
Total future minimum lease payments		3,842
Less: imputed interest		(730	)
Present value of lease liabilities	$	3,112