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Operating Leases (Tables)

9 Months Ended

Sep. 30, 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 and short-term leases for the periods presented (in thousands):


		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
		2022			2021			2022			2021
Rent expense for long-term operating leases		$	314		$	393		$	1,027		$	1,169
Rent expense for short-term leases			136			59			398			143
Total rent expense		$	450		$	452		$	1,425		$	1,312

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 September 30, 2022 (in thousands):


Year		Amount
2022		$	283
2023			1,030
2024			825
2025			837
2026			847
2027 and thereafter			2,384
Total lease payments			6,206
Less: Interest			(1,534)
Net present value of lease liabilities		$	4,672

Current portion		$	742
Long-term portion			3,930
Total		$	4,672

Schedule of weighted average remaining lease terms and discount rates

The weighted average remaining lease terms and discount rates for all the Company’s operating leases as of September 30, 2022 were as follows:


Weighted-average lease term remaining		55 months
Weighted-average discount rate		8.55	%