Annual report [Section 13 and 15(d), not S-K Item 405]

Leases (Tables)

v3.25.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 December 31, 2023
Operating leases:
Operating lease cost $ 956  $ 956 
Total operating lease expense $ 956  $ 956 
Finance leases:
Interest lease cost $ 399  $ 259 
Depreciation expense 1,356  760 
Total finance lease expense $ 1,755  $ 1,019 
Finance leases held-for-sale:
Interest lease cost- discontinued operations $ 199  $ — 
Depreciation lease cost- discontinued operations 1,394  — 
Total finance lease expense - discontinued operations $ 1,593  $ — 
Other information related to the Company’s leases is shown below (dollar amounts in thousands):
For the Years Ended
December 31, 2024 December 31, 2023
Operating cash flows used in operating leases $ (716) $ (839)
December 31, 2023 December 31, 2022
Weighted-average remaining lease term – operating leases (in years) 6.5 7.4
Weighted-average remaining lease term – finance leases (in years) 2.2 3.8
Weighted-average discount rate – operating leases 10.00  % 10.00  %
Weighted-average discount rate – finance leases 9.13  % 7.56  %
Finance lease asset (1) $ 4,242  $ 5,809 
Finance lease asset held-for-sale (2) $ 2,389  $ — 
(1) As of December 31, 2024 and 2023, the Company had recorded accumulated depreciation of approximately $2.3 million and $0.8 million, respectively for the finance lease asset. Finance lease assets are recorded within property and equipment, net on the Company’s consolidated balance sheets.
(2) As of December 31, 2024, the Company had recorded accumulated depreciation of approximately $1.4 million for the finance lease asset held-for-sale. Finance lease assets held-for-sale are recorded within other assets held-for-sale on the Company’s consolidated balance sheets.
Schedule of Maturity of Operating Leases
Minimum lease payments over the remaining lease periods as of December 31, 2024 are as follows (amounts in thousands):
Operating Lease Finance Lease Total
Year Ended December 31, 2025 $ 1,214  $ 4,606  $ 5,820 
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  121  1,103 
Year Ended December 31, 2029 1,009  —  1,009 
Thereafter 1,661  —  1,661 
Total lease payments 6,762  7,755  14,517 
Less present value discount (1,786) (661) (2,447)
Less liabilities held-for-sale —  (2,356) (2,356)
Total $ 4,976  $ 4,738  $ 9,714