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Operating Leases (Tables)

3 Months Ended

Mar. 31, 2022

Operating Leases

Schedule of Operating Lease Expense Recognized in Financial Statements

The table below summarizes the amounts recognized in the condensed consolidated financial statements related to operating leases for the periods presented (in thousands):


		For the Three Months Ended
		March 31,
		2022			2021
Rent expense for long-term operating leases		$	376		$	388
Rent expense for short-term leases			117			49
Total rent expense		$	493		$	437

Schedule of Net Present Value of Operating Lease Liability

The following table presents the maturity profile of the Company’s operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the condensed consolidated balance sheet as of March 31, 2022 (in thousands):


Year		Amount
2022		$	1,214
2023			954
2024			821
2025			836
2026			851
2027 and thereafter			2,172
Total lease payments			6,848
Less: Interest			(1,745)
Net present value of lease liabilities		$	5,103

Current portion		$	812
Long-term portion			4,291
Total		$	5,103

Schedule of Weighted Average Remaining Lease Terms and Discount Rates

The weighted average remaining lease terms and discount rates for all of the Company’s operating leases as of March 31, 2022 were as follows:


Weighted-average lease term remaining		51 months
Weighted-average discount rate		8.68	%