Note 8 - Leases

3 Months Ended

Mar. 31, 2024

Lessee, Operating and Finance Leases [Text Block]

NOTE 8. LEASES

The components of lease expense and cash flows from leases (in thousands) follow.

	Three Months Ended March 31,
	2024		2023
Finance lease cost:
Amortization of right-of use assets, included in cost of goods sold	$	41	$	15
Interest on lease liabilities		12		18
Operating lease cost, included in selling, general and administrative expenses:
Fixed lease cost		-		129
Variable lease cost		-		51
Short-term lease cost		-		43
Total lease cost	$	53	$	256

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	12	$	18
Operating cash flows from operating leases	$	-	$	129
Financing cash flows from finance leases	$	-	$	36

As of March 31, 2024 and 2023, variable lease payments do not depend on a rate or index. As of March 31, 2024, property and equipment, net, includes $0.5 million of finance lease right-of-use-assets, with an original cost of $0.6 million. As of March 31, 2023, property and equipment, net, includes $0.6 million of finance lease right-of-use-assets, with an original cost of $1.1 million. During the three months ended March 31, 2023, we financed the purchase of $0.2 million of property and equipment in noncash finance lease transactions.

As of March 31, 2024, we do not believe it is certain that we will exercise any renewal options. The remaining terms of our leases and the discount rates used in the calculation of our lease liabilities as of March 31, 2024, follows.

	Finance Leases
Remaining leases terms (in years)	1.1	-	3.9
Weighted average remaining lease terms (in years)		3.5
Discount rates	3.5%	-	11.6%
Weighted average discount rate		9.6%

Maturities of lease liabilities as of March 31, 2024, follow (in thousands).

	Finance
	Leases
2024 (remaining nine months)	$	123
2025		164
2026		163
2027		126
2028		3
Total lease payments		579
Amounts representing interest		(92	)
Present value of lease obligations	$	487

RiceBran Technologies 10-Q