Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.24.3
LEASES
9 Months Ended
Sep. 30, 2024
Leases  
LEASES

NOTE 17 – LEASES

 

The Company has various operating lease agreements, which are primarily for office space. These agreements frequently include one or more renewal options and require the Company to pay for utilities, taxes, insurance and maintenance expense. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At September 30, 2024, the Company has right-of-use assets of $0.6 million and a total lease liability for operating leases of $0.7 million of which $0.3 million is included in long-term lease liabilities and $0.4 million is included in current lease liabilities.

 

At September 30, 2024, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in thousands):

 

Year Ending December 31,        
Remainder of 2024     $ 75  
2025       299  
2026       142  
2027       139  
2028 and beyond       108  
        763  
Included interest       (63 )
      $ 700  

 

No new leases or amendments were entered into during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, the Company entered into new operating leases and lease amendments, resulting in the Company recognizing an additional operating lease liability of approximately $898,000 based on the present value of the minimum rental payments. The Company also recognized a corresponding increase to ROU assets of approximately $898,000, which represents a non-cash investing and financing activity.

 

Operating lease expense was $0.1 million for both the three months ended September 30, 2024, and 2023, respectively.

 

Operating lease expense was $0.2 million and $0.4 million for the nine-months ended September 30, 2024, and 2023, respectively.

 

Other information related to leases is as follows:

 

Cash paid for amounts included in the measurement of lease liabilities:   Nine Months Ended
September 30, 2024
    Nine Months Ended
September 30, 2023
 
           Operating cash flow from operating leases (in thousands)   $ 222     $ 434  
                 
Weighted Average Remaining Lease Term                
           Operating leases     3.26 years       3.50 years  
                 
Weighted Average Discount Rate                
            Operating leases     4.81 %     4.63 %