Note 9 - Leases

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(9) LEASES

We have operating leases for office space with remaining lease terms ranging from 10 months to 96 months. As most of the leases do not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using our secured incremental borrowing rate at the lease commencement date. We currently do not have any finance leases outstanding.

The following table (in thousands) relates to our operating leases:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Operating lease information:
Operating cash outflows from operating leases	$	52		$	54		$	156		$	164
Weighted average remaining lease term in years		8.75			1.51			8.75			1.51
Weighted average discount rate		6.0	%		6.0	%		6.0	%		6.0	%

Future minimum lease payments under non-cancellable leases as of September 30, 2023, were as follows:

	Amount
	(In thousands)
2023	$	85
2024		89
2025		121
2026		124
2027		128
After 2027		516
Total minimum lease payments	$	1,063
Less imputed interest		(323	)
Total operating lease liability	$	740
As reflected within the following balance sheet line items:
Accounts payable and accrued liabilities	$	85
Other long-term liabilities		655
Total operating lease liability	$	740

As of  September 30, 2023 and December 31, 2022, we had approximately $0.7 million and $0.2 million, respectively, of right-of-use operating lease assets recorded within “buildings and equipment” on the condensed consolidated balance sheets.