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.
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June 30, 2024 |
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Right-of-Use Asset |
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Lease Liability |
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Weighted Average Lease Term in Years |
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Weighted Average Discount Rate |
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Operating Leases |
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Land and building leases |
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$ |
3,806 |
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$ |
3,806 |
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12.7 |
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3.29 |
% |
Total operating leases |
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$ |
3,806 |
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$ |
3,806 |
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12.7 |
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3.29 |
% |
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December 31, 2023 |
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Right-of-Use Asset |
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Lease Liability |
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Weighted Average Lease Term in Years |
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Weighted Average Discount Rate |
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Operating Leases |
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Land and building leases |
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$ |
3,291 |
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$ |
3,307 |
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14.8 |
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3.00 |
% |
Total operating leases |
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$ |
3,291 |
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$ |
3,307 |
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14.8 |
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3.00 |
% |
Operating lease costs for the three and six months ended June 30, 2024, and 2023, are listed below.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Operating lease cost |
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$ |
155 |
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$ |
212 |
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$ |
275 |
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$ |
408 |
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Short-term lease cost |
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— |
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— |
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— |
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— |
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Variable lease cost |
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14 |
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14 |
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43 |
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28 |
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Total operating lease cost |
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$ |
169 |
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$ |
226 |
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$ |
318 |
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$ |
436 |
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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.
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Lease Payments |
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June 30, 2024 |
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Due in one year or less |
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$ |
574 |
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Due after one year through two years |
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|
615 |
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Due after two years through three years |
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586 |
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Due after three years through four years |
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512 |
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Due after four years through five years |
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313 |
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Thereafter |
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2,094 |
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Total undiscounted cash flows |
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4,694 |
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Discount on cash flows |
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(888 |
) |
Total operating lease liability |
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$ |
3,806 |
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