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v3.23.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Schedule of Components of Lease Expenses | Components of the Company’s lease expenses are as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Finance lease: |  |  |  |  |  |
Amortization of ROU asset (1) |  | $ | 789 |  |  | $ | - |
Interest on lease liability |  |  | 401 |  |  |  | - |
Total finance lease expense |  |  | 1,190 |  |  |  | - |
Operating leases: |  |  |  |  |  |
Operating lease expense |  |  | 371 |  |  |  | 247 |
Short-term lease rent expense |  |  | 83 |  |  |  | - |
Total lease expense |  | $ | 1,644 |  |  | $ | 247 |
__________ (1) Amortization of finance lease ROU asset is included within depreciation expense.
Schedule of Other Information Related to Leases | Other information related to the Company’s leases is shown below (dollar amounts in thousands):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Operating cash flows - operating lease |  | $ | 395 |  |  | $ | - |
Right-of-use assets obtained in exchange for operating lease liabilities |  | $ | - |  |  | $ | 5,859 |
|  | March 31, 2023 |  |  | December 31, 2022 |
Weighted-average remaining lease term – finance lease (in years) |  |  | 4.4 |  |  |  | 4.7 |
Weighted-average remaining lease term – operating lease (in years) |  |  | 4.2 |  |  |  | 4.4 |
Weighted-average discount rate – finance lease |  |  | 11.0 | % |  |  | 11.0 | %
Weighted-average discount rate – operating lease |  |  | 10.9 | % |  |  | 10.9 | %
Finance lease ROU asset (1) |  | $ | 13,682 |  |  | $ | 14,471 |
__________ (1) As of March 31, 2023 and December 31, 2022, the Company had recorded accumulated amortization of approximately $1.3 million and $0.5 million, respectively, for the finance lease ROU asset. Finance lease ROU assets are recorded within property and equipment, net on the Company’s consolidated balance sheets.
Schedule of Future Minimum Lease Payments | As of March 31, 2023, future minimum lease payments during the next five years are as follows (in thousands):
|  | Finance Lease |  |  | Operating Lease |  |  | Total |
Remaining Period Ended December 31, 2023 |  | $ | 3,051 |  |  | $ | 1,186 |  |  | $ | 4,237 |
Year Ended December 31, 2024 |  |  | 4,068 |  |  |  | 1,581 |  |  |  | 5,649 |
Year Ended December 31, 2025 |  |  | 4,068 |  |  |  | 1,581 |  |  |  | 5,649 |
Year Ended December 31, 2026 |  |  | 4,068 |  |  |  | 1,581 |  |  |  | 5,649 |
Year Ended December 31, 2027 |  |  | 2,712 |  |  |  | 659 |  |  |  | 3,371 |
Total lease payments |  |  | 17,967 |  |  |  | 6,588 |  |  |  | 24,555 |
Less present value discount |  |  | (3,787 | ) |  |  | (1,312 | ) |  |  | (5,099 | )
Total |  | $ | 14,180 |  |  | $ | 5,276 |  |  | $ | 19,456 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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