Quarterly report pursuant to Section 13 or 15(d)

OPERATING LEASES (Tables)

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OPERATING LEASES (Tables)
 3 Months Ended
Mar. 31, 2024
Operating Leases  
SCHEDULE OF RENT EXPENSE AND SUPPLEMENTAL CASH FLOW INFORMATION

 

    Three Months Ended
March 31, 2024		   Three Months Ended
March 31, 2023		  
Lease Cost (in thousands)              
Operating lease cost   $ 282   $ 212  
Operating lease cost (of which $37 is included in general and administration and $245 is included in cost of sales in the Company’s statement of operations for the three months ended March 31, 2024, and $28 and $181 for the same period in 2023, respectively)   $ 282   $ 212  
               
Other Information              
Weighted average remaining lease term – operating leases (in years)     2.2     1.7  
Average discount rate – operating leases     6.13 %   6.13 %
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION

The supplemental balance sheet information related to leases for the period is as follows:

 

    At
March 31, 2024		   At
December 31, 2023		  
Operating leases (in thousands)              
Long-term right-of-use assets, net of accumulated amortization of $1,046 and $760, respectively   $ 2,530   $ 2,818  
               
Current portion of operating lease liabilities   $ 1,197   $ 1,124  
Noncurrent portion of operating lease liabilities     1,537     1,856  
Total operating lease liabilities   $ 2,734   $ 2,980  
SCHEDULE OF MATURITIES OF LEASE LIABILITIES

Maturities of the Company’s lease liabilities are as follows (in thousands):

 

Year Ending     Operating Leases  
2024 (remaining 9 months)       968  
2025       1,446  
2026       496  
Total lease payments       2910  
Less: Imputed interest/present value discount       (176 )
Present value of lease liabilities     $ 2,734