v3.24.3
LEASES
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
LEASES LEASES
The Company leases office space, a warehouse, and vehicles, both in the U.S. and internationally under operating and finance leases. The components of lease costs were as follows:
For The Three Months Ended September 30,For The Nine Months Ended September 30,
(in Thousands)2024202320242023
Operating lease costs$328 $200 $887 $569 
Amortization of right of use assets- finance lease32 21 94 65 
Total lease costs$360 $221 $981 $634 

Supplemental cash flow information and non-cash activity were as follows:
For The Nine Months Ended September 30,
(in Thousands)20242023
Cash paid for amounts related to lease liabilities
     Operating cash flows from finance leases (interest)$8 $5 
     Operating cash flows from operating leases869 583 
     Financing cash flows from finance leases (principal)46 33 
Right-of-use assets obtained in exchange for lease obligations$4,248 $777 
Weighted-average remaining lease terms and discount rates:
For The Nine Months Ended September 30,
20242023
Weighted-average remaining lease terms in years
Operating leases7.922.26
Finance leases1.752.16
Weighted-average discount rate
Operating leases6.19 %6.55 %
Finance leases3.68 %3.00 %
The aggregate annual lease obligations at September 30, 2024, were as follows:
Operating LeasesFinance Leases
2024$438 $19 
20251,129 103 
2026884 181 
2027676 — 
2028660 — 
Thereafter2,963 — 
Total future minimum lease payments$6,750 $303 
Less: amounts representing interest1,199 15 
Present value of lease liabilities5,551 288 
Less: current portion1,358 99 
Long-term portion$4,193 $189 
During September 2024, the Company entered into a non-cancelable sublease agreement for office space from a sublessor, which commenced in October 2024 and expires in 2029. The sublease terminates in the event the related master lease is terminated.
Upon commencement, the Company began recognizing a right-of-use asset and lease liability related to the agreement in accordance with ASC 842. The lease results in future lease payments totaling approximately $9.8 million over the duration of the lease term, with certain rent abatement and customary rent increases. Lease payments under this lease begin in August 2025. Lease expense will be recognized starting from the lease commencement date in October 2024 and will continue on a straight-line basis over the lease term. Lease expense will be included in selling, general and administrative expenses in subsequent periods.
LEASES LEASES
The Company leases office space, a warehouse, and vehicles, both in the U.S. and internationally under operating and finance leases. The components of lease costs were as follows:
For The Three Months Ended September 30,For The Nine Months Ended September 30,
(in Thousands)2024202320242023
Operating lease costs$328 $200 $887 $569 
Amortization of right of use assets- finance lease32 21 94 65 
Total lease costs$360 $221 $981 $634 

Supplemental cash flow information and non-cash activity were as follows:
For The Nine Months Ended September 30,
(in Thousands)20242023
Cash paid for amounts related to lease liabilities
     Operating cash flows from finance leases (interest)$8 $5 
     Operating cash flows from operating leases869 583 
     Financing cash flows from finance leases (principal)46 33 
Right-of-use assets obtained in exchange for lease obligations$4,248 $777 
Weighted-average remaining lease terms and discount rates:
For The Nine Months Ended September 30,
20242023
Weighted-average remaining lease terms in years
Operating leases7.922.26
Finance leases1.752.16
Weighted-average discount rate
Operating leases6.19 %6.55 %
Finance leases3.68 %3.00 %
The aggregate annual lease obligations at September 30, 2024, were as follows:
Operating LeasesFinance Leases
2024$438 $19 
20251,129 103 
2026884 181 
2027676 — 
2028660 — 
Thereafter2,963 — 
Total future minimum lease payments$6,750 $303 
Less: amounts representing interest1,199 15 
Present value of lease liabilities5,551 288 
Less: current portion1,358 99 
Long-term portion$4,193 $189 
During September 2024, the Company entered into a non-cancelable sublease agreement for office space from a sublessor, which commenced in October 2024 and expires in 2029. The sublease terminates in the event the related master lease is terminated.
Upon commencement, the Company began recognizing a right-of-use asset and lease liability related to the agreement in accordance with ASC 842. The lease results in future lease payments totaling approximately $9.8 million over the duration of the lease term, with certain rent abatement and customary rent increases. Lease payments under this lease begin in August 2025. Lease expense will be recognized starting from the lease commencement date in October 2024 and will continue on a straight-line basis over the lease term. Lease expense will be included in selling, general and administrative expenses in subsequent periods.