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Leases | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | Leases The Company is obligated under certain operating leases for its facilities and office equipment. Certain facility leases contain predetermined fixed escalation of minimum rents at rates ranging from 1.96% to 4.00% per annum and renewal options that could extend certain leases up to an additional nine years; the office equipment lease contains a renewal option that could extend the lease to consecutive 60-day terms and a purchase option. During the Successor 2021 Period, the Company negotiated the early termination of a lease agreement for office space located in Littleton, Colorado. With an original termination date in December 2027, the early termination reduced the Company’s total future minimum lease obligations by $1.6 million. As of December 31, 2021, the future annual minimum lease payments for operating leases are as follows:
Year |  | Total
2022 |  | $ | 4,330 |
2023 |  | 4,517 |
2024 |  | 4,625 |
2025 |  | 4,015 |
2026 |  | 3,030 |
Thereafter |  | 5,772 |
Total future annual minimum lease payments |  | $ | 26,289 |
The Company records rent expense on a straight-line basis over the life of the lease. The table below presents the rent expense under all leases for the following periods:
|  |  |  |  | Successor |  |  | Predecessor
|  |  |  |  | Year Ended December 31, 2021 |  | Period from February 10, 2020 to December 31, 2020 |  |  | Period from January 1, 2020 to June 21, 2020
Rent expense on leases |  |  |  |  | $ | 3,424 |  |  | $ | 1,091 |  |  |  | $ | 228 |

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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 http://asc.fasb.org/topic&trid=2208923 + Details
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