Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.24.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2024
Leases  
SCHEDULE OF LEASE EXPENSE

The components of lease expense were as follows:

 

    2024     2023     2024     2023  
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2024     2023     2024     2023  
    ($ in thousands)  
Operating lease cost   $ 607     $ 599     $ 1,864     $ 1,998  
Short-term lease cost     -       -       4       -  
Variable lease cost     9       7       21       26  
Total - net lease cost   $ 616     $ 606     $ 1,889     $ 2,024  
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES

Supplemental balance sheet information related to leases is as follows:

 

    September 30, 2024     December 31, 2023  
    ($ in thousands)  
Operating leases:                
Operating lease ROU assets, net   $ 3,310     $ 4,365  
               
Current operating lease liabilities   $ 1,424     $ 1,888  
Non-current operating lease liabilities     1,900       2,516  
Total operating lease liabilities   $ 3,324     $ 4,404  
                 
Operating leases:                
ROU assets   $ 4,810     $ 6,571  
Asset lease expense     (1,502 )     (2,152 )
Foreign exchange gain/(loss)     2       (54 )
ROU assets, net   $ 3,310     $ 4,365  
                 
Weighted average remaining lease term (in years):                
Operating leases     4.8       4.5  
Weighted average discount rate:                
Operating leases     14.5 %     13.3 %
SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES

Supplemental cash flow and other information related to leases is as follows:

 

    2024     2023     2024     2023  
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2024     2023     2024     2023  
    ($ in thousands)  
Cash paid for amounts included in the measurement of lease liabilities:                                
Operating cash flows from operating leases   $ 596     $ 802     $ 1,873     $ 2,463  
                                 
ROU assets obtained in exchange for lease liabilities:                                
Operating leases, excluding terminations   $ 71     $ 532     $ 445     $ 1,252  
SCHEDULE OF MATURITIES OF LEASE LIABILITIES

Maturities of lease liabilities are as follows:

 

Operating leases - Years ending December 31,   ($ in thousands)  
2024 (three months)   $ 610  
2025     1,446  
2026     623  
2027     469  
2028     396  
Thereafter     1,434  
Total lease payments     4,978  
Less: imputed interest     (1,654 )
Total lease obligations     3,324  
Less: current obligations     (1,424 )
Long-term lease obligations   $ 1,900