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LEASES | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
LEASES | LEASES In May 2021, the Company entered into a ground lease (the “Ground Lease”) related to the Lake Mariner Facility in New York with a counterparty which is a related party due to control by a member of Company management, which was subsequently amended in July 2022. The Ground Lease includes fixed payments and contingent payments, including an annual escalation factor as well as the Company’s proportionate share of the landlord’s cost to own, operate and maintain the premises. The Ground Lease has a term of eight years and a renewal term of five years at the option of the Company, subject to the Company not then being in default, as defined. The Ground Lease, which is classified as an operating lease, was remeasured as of the date of the amendment and utilized a discount rate of 12.6%, which was an estimate of the Company’s incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the remeasurement date. Upon expiration of the lease, the buildings and improvements on the premises will revert to the landlord in good order. For the three months ended March 31, 2024 and 2023, the Company recorded operating lease expense of $0.3 million and $0.3 million, respectively, including contingent expense of $36,000 and $0.1 million, respectively, in operating expenses – related party in the consolidated statements of operations and made cash lease payments of $0.1 million and $0.3 million, respectively. The remaining lease term based on the terms of the amended Ground Lease as of March 31, 2024 is 10.2 years. The following is a maturity analysis of the annual undiscounted cash flows of the estimated operating lease liabilities as of March 31, 2024 (in thousands):
Year ending December 31: |
2024 | $ | 122 |
2025 | 163 |
2026 | 163 |
2027 | 163 |
2028 | 163 |
Thereafter | 882 |
| $ | 1,656 |
A reconciliation of the undiscounted cash flows to the operating lease liabilities recognized in the consolidated balance sheet as of March 31, 2024 follows (in thousands):
Undiscounted cash flows of the operating lease | $ | 1,656 |
Unamortized discount | 721 |
Total operating lease liability | 935 |
Current portion of operating lease liability | 49 |
Operating lease liability, net of current portion | $ | 886 |
The Company periodically enters into short term lease arrangements for operating equipment and recorded $48,000 and $0.1 million under these short-term lease arrangements in operating expenses in the consolidated statements of operations for the three months ended March 31, 2024 and 2023, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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