Note 10 - Leases

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

10.     LEASES

The terms of the Company’s two primary office space lease arrangements are as follows:

• The Gallarate, Italy building lease, for approximately 1,335 square feet, runs through April 30, 2031. This facility serves as the operating headquarters for our European operations.

• The Aurora, IL warehouse lease, for approximately 11,000 square feet, runs through March 31, 2031. This facility serves as an outside warehouse facility. 

The Company also has two additional operating leases related to certain office equipment and one short-term lease. Our leases have remaining lease terms of 0.3 years to 6.3 years. Our leases do not contain any material residual value guarantees or material restricted covenants and we currently have no material sublease arrangements. We have no financing leases as defined under ASC 842.

Total operating lease expense is as follows:

		2024		2023
Operating lease cost	$	180	$	188
Short-term lease cost		9		15
Total lease cost	$	189	$	203

The weighted average remaining lease terms were 6.18 years and 6.58 years as of December 31, 2024 and 2023, respectively. The weighted average discount rates were 8.25% and 8.00% as of December 31, 2024 and 2023, respectively. 

Remaining maturities of our existing lease liabilities as of December 31, 2024 were as follows:

Year Ending December 31,	Operating Leases
2025	$	125
2026		121
2027		125
2028		129
2029		131
Thereafter		171
Total lease payments	$	802
Less imputed interest		(177	)
Total	$	625

The following is the balance sheet classification of our existing lease liabilities:

	2024		2023
Operating lease liabilities - current	$	77	$	81
Operating lease liabilities - non-current		548		533
Total operating lease liabilities	$	625	$	614

Supplemental cash flow information related to leases was as follows:

	For the Twelve Months ended December 31, 2024		For the twelve months ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities	$	132	$	150
Leased assets obtained in exchange for operating lease liabilities		95		533