Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.24.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Quantitative Information About Operating and Finance Leases
The following summarizes quantitative information about the Company's operating and finance leases (in thousands):
For the Years Ended
December 31, 2023 December 31, 2022
Operating leases:
Operating lease cost $ 956  $ 816 
Variable lease cost $ 956  $ 816 
Finance leases:
Interest lease cost $ 259  $ — 
Depreciation expense 760  — 
Total finance lease expense $ 1,019  $ — 
Other information related to the Company’s leases is shown below (dollar amounts in thousands):
For the Years Ended
December 31, 2023 December 31, 2022
Operating cash flows used in operating leases $ (839) $ (774)
December 31, 2023 December 31, 2022
Weighted-average remaining lease term – operating leases (in years) 7.4 8.5
Weighted-average remaining lease term – finance leases (in years) 3.8  NA
Weighted-average discount rate – operating leases 10.00  % 10.00  %
Weighted-average discount rate – finance leases 7.56  % NA
Finance lease asset (1) $ 5,809  NA
(1) As of December 31, 2023, the Company had recorded accumulated depreciation of approximately $760,000 for the finance lease asset. Finance lease assets are recorded within property and equipment, net on the Company’s condensed consolidated balance sheets.
Schedule of Maturity of Operating Leases
Minimum lease payments over the remaining lease periods as of December 31, 2023 are as follows (amounts in thousands):
Operating Lease Finance Lease Total
Year Ended December 31, 2024 $ 952  $ 1,840  $ 2,792 
Year Ended December 31, 2025 977  1,840  2,817 
Year Ended December 31, 2026 941  1,840  2,781 
Year Ended December 31, 2027 955  1,188  2,143 
Year Ended December 31, 2028 982  122  1,104 
Thereafter 2,667  —  2,667 
Total lease payments 7,474  6,830  14,304 
Less present value discount (2,284) (898) (3,182)
Total $ 5,190  $ 5,932  $ 11,122