LEASES (Tables)

3 Months Ended

Mar. 31, 2026

The following table summarizes the Company’s operating leases (dollars in thousands):


	March 31, 2026			December 31, 2025
Operating Leases:
Right of use assets	$	471		$	499
Lease liabilities	$	(515	)	$	(544	)

Weighted average remaining lease term:	3.5 years			3.7 years
Weighted average discount rate (1):		8.70	%		8.70	%

(1)

The market discount rate is used, when readily determinable, in calculating the present value of lease payments for the operating lease liability. Otherwise, the incremental borrowing rate on the commencement date is used.

Summary of Operating Lease Costs and Cash Payments

The following table summarizes the Company’s operating lease costs and cash payments during the periods indicated (in thousands):


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Lease Cost:
Operating lease cost	$	40	$	40

Other Information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	40	$	39

Summary of Operating Leases Cash Flow Obligations on Undiscounted, Annual Basis

The following table summarizes the Company’s operating leases cash flow obligations on an undiscounted, annual basis (in thousands):


	Operating Leases
2026	$	125
2027		170
2028		174
2029		132
Subtotal		601
Less: impact of discount		(86	)
Total	$	515