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LEASE OBLIGATIONS
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASE OBLIGATIONS

NOTE 5 – LEASE OBLIGATIONS

Right-of-use asset and lease obligations by type of property for the periods ended June 30, 2024, and December 31, 2023, are listed below.

June 30, 2024

 

Right-of-Use
Asset

 

 

Lease
Liability

 

 

Weighted
Average
Lease Term
in Years

 

 

Weighted
Average
Discount
Rate

 

Operating Leases

 

 

 

 

 

 

 

 

 

 

 

 

Land and building leases

 

$

3,806

 

 

$

3,806

 

 

 

12.7

 

 

 

3.29

%

Total operating leases

 

$

3,806

 

 

$

3,806

 

 

 

12.7

 

 

 

3.29

%

 

December 31, 2023

 

Right-of-Use
Asset

 

 

Lease
Liability

 

 

Weighted
Average
Lease Term
in Years

 

 

Weighted
Average
Discount
Rate

 

Operating Leases

 

 

 

 

 

 

 

 

 

 

 

 

Land and building leases

 

$

3,291

 

 

$

3,307

 

 

 

14.8

 

 

 

3.00

%

Total operating leases

 

$

3,291

 

 

$

3,307

 

 

 

14.8

 

 

 

3.00

%

Operating lease costs for the three and six months ended June 30, 2024, and 2023, are listed below.

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Operating lease cost

 

$

155

 

 

$

212

 

 

$

275

 

 

$

408

 

Short-term lease cost

 

 

 

 

 

 

 

 

 

 

 

 

Variable lease cost

 

 

14

 

 

 

14

 

 

 

43

 

 

 

28

 

Total operating lease cost

 

$

169

 

 

$

226

 

 

$

318

 

 

$

436

 

There were no sale and leaseback transactions, leverage leases, lease transactions with related parties or leases that had not yet commenced during the three or six month periods ended June 30, 2024.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is listed below.

Lease Payments

 

June 30,
2024

 

Due in one year or less

 

$

574

 

Due after one year through two years

 

 

615

 

Due after two years through three years

 

 

586

 

Due after three years through four years

 

 

512

 

Due after four years through five years

 

 

313

 

Thereafter

 

 

2,094

 

Total undiscounted cash flows

 

 

4,694

 

Discount on cash flows

 

 

(888

)

Total operating lease liability

 

$

3,806