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v3.22.2.2

Leases | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2022 | Dec. 31, 2021
Leases [Abstract] |  |
Leases | Note 4: Leases In February 2016, the FASB issued ASU 2016-02: Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for most operating leases. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those fiscal years. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provides companies with an additional optional transition method to apply the new standard to leases in effect at the adoption date through a cumulative effect adjustment. The Company adopted the new lease standard as of January 1, 2021 using the modified retrospective transition method. The Company elected the package of practical expedients referenced in ASU 2016-02, which permits companies to retain original lease identification and classification without reassessing initial direct costs for existing leases. The Company also elected the practical expedient that exempts leases with an initial lease term of twelve months or less, as well as the practical expedient that allows companies to select, by class of underlying asset, not to separate lease and non-lease components. Adoption of this standard resulted in the recognition of a right-of-use asset and a lease liability on the Company’s January 1, 2021 Consolidated Balance Sheet of $1,560,000 and $1,559,000 respectively. There was no material impact on the Company’s Condensed Consolidated Statement of Operations and Comprehensive Loss. The Company has operating leases for real estate (primarily office space) and certain equipment with various expiration dates. The Company also has one finance lease for certain equipment. Rent expense was $140,000 and $78,000, for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, the Company’s rent expense was $229,000 and $221,000, respectively. The following table summarizes the classification of operating and finance lease assets and obligations in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (in thousands):
|  | June 30, 2022 |  |  | December 31, 2021 |
Operating leases: |  |  |  |  |  |  |  |
Right of use assets |  | $ | 1,876 |  |  | $ | 1,139 |
Operating lease liabilities, current |  | $ | 343 |  |  | $ | 235 |
Operating lease liabilities, noncurrent |  |  | 1,551 |  |  |  | 985 |
Total operating lease liabilities |  | $ | 1,894 |  |  | $ | 1,220 |
Finance leases: |  |  |  |  |  |  |  |
Right of use assets |  | $ | 86 |  |  | $ | 102 |
Finance lease liabilities, current |  | $ | 34 |  |  | $ | 32 |
Finance lease liabilities, noncurrent |  |  | 66 |  |  |  | 82 |
Total finance lease liabilities |  | $ | 100 |  |  | $ | 114 |
Maturities of lease liabilities for the Company’s operating and finance leases are as follows as of June 30, 2022 (in thousands):
|  | Operating Leases |  |  | Finance Leases |  |  | Total |
2022 (remaining six months) |  |  | 242 |  |  |  | 20 |  |  |  | 262 |
2023 |  |  | 494 |  |  |  | 40 |  |  |  | 534 |
2024 |  |  | 507 |  |  |  | 40 |  |  |  | 547 |
2025 |  |  | 507 |  |  |  | 10 |  |  |  | 517 |
2026 |  |  | 421 |  |  |  | — |  |  |  | 421 |
Thereafter |  |  | 119 |  |  |  | — |  |  |  | 119 |
Total lease payments |  |  | 2,290 |  |  |  | 110 |  |  |  | 2,400 |
Less: imputed interest |  |  | (396 | ) |  |  | (10 | ) |  |  | (406 | )
Present value of lease liabilities |  | $ | 1,894 |  |  | $ | 100 |  |  | $ | 1,994 |
The weighted average remaining lease term for operating leases is 4.5 years, and 2.8 years for the finance lease. The weighted average discount rate is 8.5%. | Note 4: Leases In February 2016, the FASB issued ASU 2016-02: Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability on its balance sheet for most operating leases. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those fiscal years. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which provides companies with an additional optional transition method to apply the new standard to leases in effect at the adoption date through a cumulative effect adjustment. The Company adopted the new lease standard as of January 1, 2021 using the modified retrospective transition method. The Company elected the package of practical expedients referenced in ASU 2016-02, which permits companies to retain original lease identification and classification without reassessing initial direct costs for existing leases. The Company also elected the practical expedient that exempts leases with an initial lease term of 12 months or less, as well as the practical expedient that allows companies to select, by class of underlying asset, not to separate lease and non-lease components. Adoption of this standard resulted in the recognition of a right-of-use asset and a lease liability on the Company’s January 1, 2021 Consolidated Balance Sheet of $1,560,000 and $1,559,000 respectively. There was no material impact on the Company’s Consolidated Statement of Comprehensive Loss. The Company has operating leases for real estate (primarily office space) and certain equipment with various expiration dates. The Company also has one finance lease for certain equipment. Rent expense was $434,000 and $314,000, for the years ended December 31, 2021 and 2020, respectively. The following table summarizes the classification of operating and finance lease assets and obligations in the Company’s Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020 (in thousands):
|  | December 31, 2021 |  |  | December 31, 2020 |
Operating leases: |  |  |  |  |  |  |  |
Right of use assets |  | $ | 1,139 |  |  | $ | 1,415 |
Operating lease liabilities, current |  | $ | 235 |  |  | $ | 195 |
Operating lease liabilities, noncurrent |  |  | 985 |  |  |  | 1,219 |
Total operating lease liabilities |  | $ | 1,220 |  |  | $ | 1,414 |
Finance leases: |  |  |  |  |  |  |  |
Right of use assets |  | $ | 102 |  |  | $ | 145 |
Finance lease liabilities, current |  | $ | 32 |  |  | $ | 30 |
Finance lease liabilities, noncurrent |  |  | 82 |  |  |  | 115 |
Total finance lease liabilities |  | $ | 114 |  |  | $ | 145 |
Maturities of lease liabilities for the Company’s operating and finance leases are as follows for the year ending December 31, 2021 (in thousands):
|  | Operating Leases |  |  | Finance Leases |  |  | Total |
2022 |  | $ | 326 |  |  | $ | 40 |  |  | $ | 366 |
2023 |  |  | 332 |  |  |  | 40 |  |  |  | 372 |
2024 |  |  | 341 |  |  |  | 40 |  |  |  | 381 |
2025 |  |  | 282 |  |  |  | 7 |  |  |  | 289 |
2026 |  |  | 180 |  |  |  | — |  |  |  | 180 |
Thereafter |  |  | — |  |  |  | — |  |  |  | — |
Total lease payments |  |  | 1,461 |  |  |  | 127 |  |  |  | 1,588 |
Less: imputed interest |  |  | (241 | ) |  |  | (13 | ) |  |  | (254 | )
Present value of lease liabilities |  | $ | 1,220 |  |  | $ | 114 |  |  | $ | 1,334 |
The weighted average remaining lease term for operating leases is 4.4 years, and 3.3 years for the finance lease. The weighted average discount rate is 8.5%.

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- References No definition available. + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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