LEASES

12 Months Ended

Dec. 31, 2023

Leases

LEASES

20. LEASES

The Company has operating leases for office space. The Company’s leases have remaining lease terms of 12 months to 9.5 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:

	December 31, 2023		December 31, 2022
Operating right-of-use assets	$	6,315,000	$	8,419,000
Operating lease liability - current		2,119,000		2,975,000
Operating lease liability - non-current		4,402,000		5,836,000

The components of lease expenses for the years ended December 31, 2023 and 2022, were as follows:

	Year Ended December 31,
	2023		2022
Operating lease cost	$	3,677,000	$	2,716,000
Short-term lease cost		-		-

The following tables provides a summary of other information related to leases for the years ended December 31, 2023 and 2022:

	December 31, 2023			December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,699,000		$	2,554,000
Right-of-use assets obtained in exchange for new operating lease liabilities	$	885,000		$	3,791,000
Weighted-average remaining lease term - operating leases		3.7 years			4.1 years
Weighted-average discount rate - operating leases		8.0	%		7.0	%

Maturity of lease liabilities under the Company’s non-cancellable operating leases as of December 31, 2023, were as follows:

Payments due by period
2024	$	2,674,000
2025		2,205,000
2026		1,258,000
2027		414,000
2028		357,000
Thereafter		759,000
Total lease payments		7,667,000
Less interest		(1,146,000	)
Present value of lease liabilities	$	6,521,000