XML 160 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
Operating Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Operating Leases Operating Leases
The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. The Company has an operating lease for one office which expires in 2025. The Company estimates its incremental borrowing rate at lease commencement to determine the present value of lease payments as most of the Company's leases do not provide an implicit rate of return. The Company recognizes lease expense on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, the Company elected to account for non-lease components associated with its leases and lease
components as a single lease component. The Company's lease includes an option for the Company to extend the lease term and/or sub-lease space in whole or in part.
Operating lease liabilities and right-of-use assets were recorded in the following captions of the Company's balance sheet as follows (in thousands):
December 31, 2023December 31, 2022
Right-of-Use Assets:
Other assets$308 $487 
Total Right-of-Use Asset$308 $487 
Operating Lease Liabilities:
Accrued liabilities$168 $180 
Other long-term liabilities137 305 
Total Operating Lease Liabilities$305 $485 
As of December 31, 2023, the weighted average remaining lease term for the Company's operating leases was 1.75 years, and the weighted average discount rate for its operating leases was 9.625%. Future minimum lease payments under the lease agreements as of December 31, 2023 were as follows (in thousands):
Years endedOperating Leases
2024190 
2025143 
Total lease payments333 
Less: Amounts representing interest(28)
Present value of lease liabilities$305