The
components of lease expense are as follows:
(in thousands) |
|
Year ended December 31, 2024 |
|
|
Year ended December 31, 2023 |
|
Operating lease expense |
|
$ |
691 |
|
|
$ |
691 |
|
|
|
|
|
|
|
|
|
|
Finance lease cost |
|
|
|
|
|
|
|
|
Amortization of right-to-use assets |
|
$ |
10 |
|
|
$ |
3 |
|
Interest on lease liabilities |
|
$ |
2 |
|
|
$ |
- |
|
Total finance lease cost |
|
|
12 |
|
|
$ |
3 |
|
Supplemental
cash flow information related to leases are as follows:
|
|
Year ended |
|
(in thousands) |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Cash flow information: |
|
|
|
|
|
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
Operating cash flow use from operating leases |
|
$ |
618 |
|
|
$ |
606 |
|
Operating cash flow use from finance leases |
|
$ |
11 |
|
|
$ |
- |
|
Financing cash flow use from finance leases |
|
$ |
9 |
|
|
$ |
4 |
|
|
|
|
|
|
|
|
|
|
Non-cash activity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
Operating leases |
|
$ |
- |
|
|
$ |
- |
|
Finance leases |
|
$ |
- |
|
|
$ |
30 |
|
Weighted
average remaining lease terms are as follows at December 31, 2024:
Weighted average remaining lease term: |
| | |
Operating leases |
| 2.6 years | |
Finance leases |
| 2.0 years | |
Below is information on the weighted average discount rates used at the time that
the leases were evaluated:
Weighted average discount rates: |
|
|
|
Operating leases |
|
|
4.8 |
% |
Finance leases |
|
|
6.2 |
% |
|