v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases  
Leases

Note 11 – Leases

 

The components of lease expense were as follows (amounts in thousands):

  

                     
   Three months ended June 30,   Six months ended June 30, 
  2025   2024   2025   2024 
Operating lease cost  $110   $111   $221   $227 
Finance lease cost                    
Amortization of assets   3    3    7    7 
Interest on finance lease obligations   1    1    2    2 
Variable lease cost   -    -    -    - 
Total net lease cost  $114   $115   $230   $236 

 

Included in the table above, for the three and six months ended June 30, 2025 and 2024, is $0.1 million and $0.2 million, respectively, of operating lease cost for our corporate headquarters. This space is being leased from The Move, LLC. Our CEO and President, each a related party to WFCF, have a 24.3% jointly-held ownership interest in The Move, LLC.

 

Supplemental balance sheet information related to leases was as follows (amounts in thousands):

  

  Related Party   Other   Total   Related Party   Other   Total 
   June 30, 2025   December 31, 2024 
   Related Party   Other   Total   Related Party   Other   Total 
Operating leases:                        
Operating lease ROU assets  $1,816   $173   $1,989   $1,934   $97   $2,031 
                               
Current operating lease liabilities  $290   $70   $360   $276   $61   $337 
Noncurrent operating lease liabilities   1,983    104    2,087    2,131    38    2,169 
Total operating lease liabilities  $2,273   $174   $2,447   $2,407   $99   $2,506 

 

   June 30, 2025   December 31, 2024 
Finance leases:          
Right of use asset, at cost  $76   $76 
Accumulated amortization   (48)   (40)
Property and equipment, net  $28   $36 
           
Current obligations of finance leases  $14   $15 
Finance leases, net of current obligations   19    25 
Total finance lease liabilities  $33   $40 
           
Weighted average remaining lease term (in years):          
Operating leases   5.9    6.4 
Finance leases   2.4    2.8 
           
Weighted average discount rate:          
Operating leases   5.9%   5.8%
Finance leases   8.6%   8.5%

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

 

Supplemental cash flow and other information related to leases was as follows (amounts in thousands):

  

             
   Three months ended June 30,   Six months ended June 30, 
   2025   2024   2025   2024 
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases  $118   $116   $237   $236 
Operating cash flows from finance leases  $1   $1   $2   $2 
Financing cash flows from finance leases  $3   $4   $7   $7 
                     
ROU assets obtained in exchange for lease liabilities:                    
Operating leases  $110   $-   $110   $80 

 

Maturities of lease liabilities were as follows (amounts in thousands):

  

Years Ending December 31st,  Operating Leases   Finance Leases 
2025 (remaining six months)  $243   $10 
2026   483    14 
2027   457    13 
2028   470    - 
2029   484    - 
Thereafter   766    - 
Total lease payments   2,903    37 
Less amount representing interest   (456)   (4)
Total lease obligations   2,447    33 
Less current portion   (360)   (14)
Long-term lease obligations  $2,087   $19