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LEASES
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES LEASES
The Company leases certain equipment, manufacturing, warehouse and office space under non-cancellable operating leases with expirations through 2027 under which it is responsible for related maintenance, taxes and insurance. As of March 25, 2022, the terms of our real estate operating lease have been modified beginning July 1, 2022 and extended through 2027. In accordance with ASC 842, Leases (“ASC 842”), the related lease liability was remeasured and the right-of-use asset was adjusted at the time of modification. The present value of the lease obligations for the lease was calculated using an incremental borrowing rate of 16.96%, which was the Company’s blended borrowing rates (including interest, annual facility fees, collateral management fees, bank fees and other miscellaneous lender fees) on its revolving lines of credit with Crossroads Financial Group, LLC (as described below in Note 6, “Debt”) and Factors Southwest L.L.C. (as described below in Note 6, “Debt”). The weighted average remaining lease term for the operating leases is 3.0 years.
Components of the operating lease costs recognized in net loss were as follows (in thousands):
Three months ended June 30,Six months ended June 30,
 2024202320242023
Operating lease cost (income)
Lease cost$113 $115 $210 $232 
Total lease cost, net$113 $115 $210 $232 
Supplemental balance sheet information related to the Company’s operating leases as of June 30, 2024 and December 31, 2023 are as follows (in thousands):
 June 30, 2024December 31, 2023
Operating Leases
Operating lease right-of-use assets$769 $899 
Operating lease liabilities$915 $1,021 
Future minimum lease payments required under operating leases for each of the 12-month rolling periods below in effect at June 30, 2024 are as follows (in thousands):
Operating Leases
July 2024 to June 2025$378 
July 2025 to June 2026386 
July 2026 to June 2027393 
Total future undiscounted lease payments1,157 
Less imputed interest242 
Total lease obligations$915 
Supplemental cash flow information related to leases for the three and six months ended June 30, 2024 and 2023, was as follows (in thousands):
Three months ended June 30,Six months ended June 30,
 2024202320242023
Supplemental cash flow information 
Cash paid, net, for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$93 $94 $187 $189 
LEASES LEASES
The Company leases certain equipment, manufacturing, warehouse and office space under non-cancellable operating leases with expirations through 2027 under which it is responsible for related maintenance, taxes and insurance. As of March 25, 2022, the terms of our real estate operating lease have been modified beginning July 1, 2022 and extended through 2027. In accordance with ASC 842, Leases (“ASC 842”), the related lease liability was remeasured and the right-of-use asset was adjusted at the time of modification. The present value of the lease obligations for the lease was calculated using an incremental borrowing rate of 16.96%, which was the Company’s blended borrowing rates (including interest, annual facility fees, collateral management fees, bank fees and other miscellaneous lender fees) on its revolving lines of credit with Crossroads Financial Group, LLC (as described below in Note 6, “Debt”) and Factors Southwest L.L.C. (as described below in Note 6, “Debt”). The weighted average remaining lease term for the operating leases is 3.0 years.
Components of the operating lease costs recognized in net loss were as follows (in thousands):
Three months ended June 30,Six months ended June 30,
 2024202320242023
Operating lease cost (income)
Lease cost$113 $115 $210 $232 
Total lease cost, net$113 $115 $210 $232 
Supplemental balance sheet information related to the Company’s operating leases as of June 30, 2024 and December 31, 2023 are as follows (in thousands):
 June 30, 2024December 31, 2023
Operating Leases
Operating lease right-of-use assets$769 $899 
Operating lease liabilities$915 $1,021 
Future minimum lease payments required under operating leases for each of the 12-month rolling periods below in effect at June 30, 2024 are as follows (in thousands):
Operating Leases
July 2024 to June 2025$378 
July 2025 to June 2026386 
July 2026 to June 2027393 
Total future undiscounted lease payments1,157 
Less imputed interest242 
Total lease obligations$915 
Supplemental cash flow information related to leases for the three and six months ended June 30, 2024 and 2023, was as follows (in thousands):
Three months ended June 30,Six months ended June 30,
 2024202320242023
Supplemental cash flow information 
Cash paid, net, for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$93 $94 $187 $189