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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Note 18. Leases WISeKey has historically entered into a number of lease arrangements under which it is the lessee. As at December 31, 2022, WISeKey holds nine operating leases, and one short-term lease. The short-term leases and operating leases relate to premises. We do not sublease. All of our operating leases include multiple optional renewal periods which are not reasonably certain to be exercised. We have elected the short-term lease practical expedient related to leases of various premises and equipment. We have elected the practical expedients related to lease classification of leases that commenced before the effective date of ASC 842. In the years 2022, 2021, and 2020 we recognized rent expenses associated with our leases as follows: Leases - Schedule of Lease Costs
| 12 months ended December 31, |  | 12 months ended December 31, |  | 12 months ended December 31,
USD'000 | 2022 |  | 2021 |  | 2020
Finance lease cost: |  |  |  |  |
Amortization of right-of-use assets | 33 |  | 68 |  | 66
Interest on lease liabilities | 1 |  | 7 |  | 12
Operating lease cost: |  |  |  |  |
Fixed rent expense | 587 |  | 695 |  | 602
Short-term lease cost | 2 |  | 7 |  | 22
Net lease cost from continuing operations | 623 |  | 777 |  | 702
Lease cost - Cost of sales Cost of Sales | - |  | - |  | -
Lease cost - General & administrative expenses General & Administrative Expenses | 623 |  | 777 |  | 702
Net lease cost from continuing operations | 623 |  | 777 |  | 702
In the years 2022 and 2021, we had the following cash and non-cash activities associated with our leases: Leases - Schedule of Cash and Non-Cash Activities Associated with Leases
| As at December 31, |  | As at December 31,
USD'000 | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from finance leases | 61 |  | 114
Operating cash flows from operating leases | 610 |  | 580
Financing cash flows from finance leases | 1 |  | 7
Non-cash investing and financing activities : |  |  |
Net lease cost | 623 |  | 777
Additions to ROU assets obtained from: |  |  |
New finance lease liabilities | - |  | -
New operating lease liabilities | 56 |  | 1,197
As at December 31, 2022, future minimum annual lease payments were as follows: Leases - Schedule of Future Minimum Lease Payments
| USD'000 | USD'000 | USD'000 | USD'000
Year | Operating | Short-term | Finance | Total
2023 | 604 | 1 | - | 605
2024 | 584 | - | - | 584
2025 | 575 | - | - | 575
2026 | 530 | - | - | 530
2027 and beyond | 442 | - | - | 442
Total future minimum operating and short-term lease payments | 2,735 | 1 | - | 2,736
Less effects of discounting | (416) | - | - | (416)
Less effects of practical expedient | - | (1) | - | (1)
Lease liabilities recognized | 2,319 | - | - | 2,319
As of December 31, 2022, the weighted-average remaining lease term was 5.04 years for operating leases. At the start of the reporting period, the Group had a finance lease that was terminated during the year. For our former finance lease, the implicit rate was calculated as 5.17%. For our operating leases and because we generally do not have access to the implicit rate in the lease, we calculated an estimate rate based upon the estimated incremental borrowing rate of the entity holding the lease. The weighted average discount rate associated with operating leases as of December 31, 2022 was 3.21%.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI https://asc.fasb.org/topic&trid=2208923 + Details
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