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 Finance Lease Supplemental Balance Sheet Disclosures
Supplemental disclosure related to operating and finance leases included on our consolidated balance sheets is set forth as follows:

December 31,
(in thousands) Classification on Consolidated Balance Sheets 2024 2023
Noncurrent assets:
Operating lease right-of-use assets Operating lease right-of-use assets $ 8,412  $ 9,367 
Finance lease right-of-use assets Property and equipment, net 23 127
Total $ 8,435  $ 9,494 
Current liabilities:
Operating lease liabilities Current portion of operating lease liabilities $ 1,431  $ 1,446 
Finance lease liabilities Accrued liabilities 23  106 
Noncurrent liabilities:
Operating lease liabilities Noncurrent portion of operating lease liabilities 8,278  9,446 
Finance lease liabilities Other noncurrent liabilities —  21 
Total $ 9,732  $ 11,019 
Schedule of Lease Costs
The following table sets forth operating and finance lease cost for the years ended December 31, 2024 and 2023:

For the Year Ended December 31,
(in thousands) Classification on Statement of Operations 2024 2023
Operating lease cost Selling, general, and administrative expenses $ 2,432  $ 4,120 
Finance lease cost:
Amortization of leased assets Depreciation and amortization $ 125  $ 241 
Interest on lease liabilities Interest expense
Total finance lease cost $ 131  $ 250 

The weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows:

December 31,
2024 2023
Weighted average remaining lease term:
Operating leases 6.5 years 7.1 years
Finance leases 0.3 years 1.1 years
Weighted average discount rate:
Operating leases 8.0  % 8.0  %
Finance leases 5.1  % 5.6  %
Schedule of Future Minimum Payments Under Operating Leases
The following table sets forth the future minimum lease payments under operating and finance leases subsequent to December 31, 2024:

(in thousands) Operating Leases Finance Leases
2025 $ 2,181  $ 23 
2026 1,912 
2027 1,934 
2028 1,771 
2029 1,524 
Thereafter 3,280 
Total minimum lease payments $ 12,602  $ 23 
Interest (2,893) — 
Total $ 9,709  $ 23 
Schedule of Future Minimum Payments Under Finance Leases
The following table sets forth the future minimum lease payments under operating and finance leases subsequent to December 31, 2024:

(in thousands) Operating Leases Finance Leases
2025 $ 2,181  $ 23 
2026 1,912 
2027 1,934 
2028 1,771 
2029 1,524 
Thereafter 3,280 
Total minimum lease payments $ 12,602  $ 23 
Interest (2,893) — 
Total $ 9,709  $ 23 
Schedule of Components of Lease Income
The components of lease income for the years ended December 31, 2024 and 2023 are set forth as follows:

For the Year Ended December 31,
(in thousands) 2024 2023
Selling profit $ 1,380  $ 2,640 
Interest income (1)
$ 89  $ 40 
(1) Interest income is included in the Company’s consolidated statement of operations in “interest income”.
Schedule of Future Minimum Rental Receipts
The following table sets forth the Company’s future minimum rental receipts for this lease as of December 31, 2024, the present value of which is included in “accounts receivable, net” in the Company’s consolidated balance sheet as of December 31, 2024:

(in thousands) December 31, 2024
2025 $ 1,505 
2026 1,304 
2027 16 
Total future minimum receipts $ 2,825 
Less: unearned interest income (203)
Net investment in sales-type lease $ 2,622