Note 10 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

10.     LEASES

The terms of the Company’s three primary office space lease arrangements are as follows:

• The Gallarate, Italy building lease, for approximately 1,335 square feet, runs through April 30, 2025. This facility serves as the operating headquarters for our European operations.

• The Aurora, IL warehouse lease, for approximately 11,000 square feet, runs through March 31, 2031. This facility serves as an outside warehouse facility. 

• The Overland Park, KS lease, for approximately 600 square feet, runs through October 15, 2024. This facility serves primarily as a sales office.

The Company also has three additional operating leases related to certain office equipment and company leased vehicles and one short-term lease. Our leases have remaining lease terms of 0.5 years to 7.3 years. Our leases do not contain any material residual value guarantees or material restricted covenants and we currently have no material sublease arrangements. We have no financing leases as defined under ASC 842.

Total operating lease expense is as follows:

		2023		2022
Operating lease cost	$	188	$	176
Short-term lease cost		15		29
Total lease cost	$	203	$	205

The weighted average remaining lease term was 6.58 years as of December 31, 2023. The weighted average discount rate was 8.00% as of December 31, 2023. 

Remaining maturities of our existing lease liabilities as of December 31, 2023 were as follows:

Year Ending December 31,	Operating Leases
2024	$	133
2025		113
2026		103
2027		106
2028		110
Thereafter		258
Total lease payments	$	823
Less imputed interest		(209	)
Total	$	614

The following is the balance sheet classification of our existing lease liabilities:

	2023		2022
Operating lease liabilities - current	$	81	$	125
Operating lease liabilities - non-current		533		66
Total operating lease liabilities	$	614	$	191

Supplemental cash flow information related to leases was as follows:

	For the Twelve Months ended December 31, 2023		For the twelve months ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities	$	150	$	157
Leased assets obtained in exchange for operating lease liabilities		533		139