|
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):
| |
|
|
Three Months Ended |
|
| |
|
|
March 31, |
|
| Lease Costs |
Classification |
|
2026 |
|
|
2025 |
|
| Operating lease cost |
Selling, general and administrative expense |
|
$ |
340 |
|
|
$ |
72 |
|
| Short-term lease cost |
Selling, general and administrative expense |
|
|
1 |
|
|
|
62 |
|
| Total lease cost |
|
$ |
341 |
|
|
$ |
134 |
|
The following includes supplemental information for the periods presented (in thousands):
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2026 |
|
|
2025 |
|
| |
|
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
118 |
|
|
$ |
92 |
|
| |
|
|
|
|
|
|
|
|
| Right-of-use assets obtained in exchange for lease obligations |
|
|
|
|
|
|
|
|
| Operating lease |
|
$ |
- |
|
|
$ |
- |
|
Balance sheet information related to leases consisted of the following as of the periods presented (in thousands):
| |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
| Assets: |
|
|
|
|
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
4,381 |
|
|
$ |
4,861 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Current portion of operating lease liabilities |
|
|
636 |
|
|
|
643 |
|
| Non-current portion of operating lease liabilities |
|
|
3,991 |
|
|
|
4,395 |
|
| Total Operating lease liabilities |
|
$ |
4,627 |
|
|
$ |
5,038 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average remaining lease term - operating leases (in years) |
|
|
5.65 |
|
|
|
5.58 |
|
| Weighted average discount rate - operating leases |
|
|
8.5 |
% |
|
|
8.5 |
% |
The following table summarizes the maturities of lease liabilities as of March 31, 2026 (in thousands):
| Period Ending December 31, |
|
Amount |
|
| 2026 |
|
$ |
722 |
|
| 2027 |
|
|
1,000 |
|
| 2028 |
|
|
988 |
|
| 2029 |
|
|
947 |
|
| Thereafter |
|
|
2,152 |
|
| Total Lease payments |
|
|
5,809 |
|
| Less: imputed interest |
|
|
(1,182 |
) |
| Total |
|
$ |
4,627 |
|
|