Note 10 - Leases - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Assets [Abstract]

Buildings and Equipment, Gross

$ 537,921

$ 537,131

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

(10) LEASES

We have operating leases for office space and processing facilities with remaining lease terms ranging from 4 months to 8 years. As most of the leases do not provide an implicit rate, we calculated the right-of-use assets and lease liabilities using its secured incremental borrowing rate at the lease commencement date. 

During the fourth quarter of 2023, we entered into three finance leases which were accounted for as failed sale-leaseback transactions. During the three months ended March 31, 2024, we entered into two finance leases with the same terms that were also accounted for as failed sale-leaseback transactions. Finance lease assets are included in finance lease right-of-use assets on the condensed consolidated balance sheets and the associated finance lease liabilities are reflected within current portion of lease financing and long-term lease financing on the condensed consolidated balance sheets as applicable. Depreciation on our finance lease assets was $1.1 million for the three months ended March 31, 2024. Imputed interest expense on our lease liabilities was $0.3 million for the three months ended March 31, 2024. We deferred financing fees of $0.1 million at March 31, 2024 and December 31, 2023, respectively, in connection with entry into the finance leases. These deferred financing fees will be amortized on a straight-line basis over the term of the finance leases. We did not have finance leases during the three months ended March 31, 2023.

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

	Three Months Ended March 31,
	2024			2023
Operating lease information:
Operating cash outflows from operating leases	$	52		$	52
Weighted average remaining lease term in years		7.80			1.10
Weighted average discount rate		10.0	%		6.0	%
Finance lease information:
Financing cash outflows from finance leases	$	1,238			—
Proceeds from sale and leaseback arrangement	$	1,927			—
Weighted average remaining lease term in years		2.82			—
Weighted average discount rate		8.5	%		—	%

Future minimum lease payments under non-cancellable leases as of March 31, 2024, were as follows:

	Operating			Finance
	Leases			Leases
	(In thousands)
2024	$	33		$	4,569
2025		88			6,092
2026		121			5,780
2027		124			241
2028		128			—
Thereafter		516			—
Total minimum lease payments	$	1,010		$	16,682
Less imputed interest and deferred finance fees		(335	)		(2,023	)
Total lease liability	$	675		$	14,659

As reflected within the following balance sheet line items:

		Three Months Ended March 31,		For the Year Ended December 31,
		2024		2023
		(In thousands)
Operating lease assets	Buildings and equipment	$	675	$	712
Operating lease liabilities:
Current operating lease liabilities	Accounts payable and accrued liabilities	$	52	$	58
Non-current operating lease liabilities	Other long-term liabilities		623		654
Total operating lease liability		$	675	$	712
Finance lease assets	Finance lease right-of-use assets	$	16,178	$	12,346
Finance lease liabilities:
Current finance lease liabilities	Current portion of lease financing	$	4,958	$	3,933
Non-current finance lease liabilities	Long-term lease financing		9,701		8,157
Total finance lease liabilities		$	14,659	$	12,090

As of  March 31, 2024 and December 31, 2023, we had approximately $0.7 million, respectively, of right-of-use operating lease assets recorded within “buildings and equipment” on the condensed consolidated balance sheets.