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15. Leases
The Company is a lessee under certain operating leases for office space and equipment.
The components of lease expenses consisted of the following for the periods presented (in thousands):
| | | | | Year Ended | | | Year Ended | |
| Lease Costs | | Classification | | December 31, 2024 | | | December 31, 2023 | |
| Operating lease cost | | Selling, General and Administrative Expense | | $ | 545 | | | $ | 875 | |
| Short-term lease cost | | Selling, General and Administrative Expense | | | 370 | | | | 378 | |
| Total lease cost | | $ | 915 | | | $ | 1,253 | |
The following includes supplemental information for the periods presented (in thousands).
| | | Year Ended | | | Year Ended | |
| | | December 31, 2024 | | | December 31, 2023 | |
| | | | | | | | | |
| Operating cash flows from operating leases | | $ | 545 | | | $ | 875 | |
| | | | | | | | | |
| Right-of-use assets obtained in exchange for lease obligations | | | | | | | | |
| Operating leases | | $ | - | | | $ | 1,931 | |
Balance sheet information related to leases consisted of the following as of the periods presented (in thousands):
| Leases | | December 31, 2024 | | | December 31, 2023 | |
| Assets: | | | | | | | | |
| Operating lease right-of-use assets | | $ | 630 | | | $ | 1,931 | |
| Liabilities: | | | | | | | | |
| Current portion of operating lease liabilities | | | 276 | | | | 945 | |
| Non-current portion of operating lease liabilities | | | 353 | | | | 986 | |
| Total operating lease liabilities | | $ | 629 | | | $ | 1,931 | |
| | | | | | | | | |
| Weighted average remaining lease term - operating leases (in years) | | | 2.64 | | | | 2.67 | |
| Weighted average discount rate - operating leases | | | 7.7 | % | | | 8.8 | % |
The following table summarizes the maturities of lease liabilities as of
December 31, 2024 (in thousands):
| For the Year Ended December 31, | | Amount | |
| 2025 | | $ | 331 | |
| 2026 | | | 165 | |
| 2027 | | | 139 | |
| 2028 | | | 87 | |
| 2029 | | | - | |
| Thereafter | | | - | |
| Total future operating lease liability | | $ | 722 | |
| Less: present value discount | | | (93 | ) |
| Present value of operating lease liabilities | | $ | 629 | |
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