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LEASES

12 Months Ended

Dec. 31, 2021

NOTE 14: LEASES

The Company recognizes leases with a duration greater than 12 months on the balance sheet with a right-of-use asset and liability at the present value of lease payments over the term. Renewal options are factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. The Company’s lease population consists primarily of office equipment. The Company does not have any finance leases. As of December 31, 2021, the Company had no operating leases that had not yet commenced.

Lease position:

The table below presents the assets and liabilities related to operating leases recorded on the balance sheet:


		December 31,
	Classification on Consolidated Balance Sheet	2021		2020
(in thousands)
Assets:
Operating lease right-of-use assets	Other assets	$	72	$	124

Liabilities:
Current portion of operating lease liabilities	Accrued expenses and other liabilities	$	54	$	52
Long-term operating lease liabilities	Other long-term liabilities		17		70
Total lease liabilities		$	71	$	122

Lease Costs:

The components of lease expense are included in selling, general and administrative expenses in the consolidated statements of operations as disclosed below:

Other information:


As of December 31,	2021			2020
Cash paid for amounts included in the measurement of operating lease liabilities (in thousands)	$	52		$	49
ROU assets obtained in exchange for operating lease liabilities (in thousands)		—			14
Weighted average remaining lease term - operating leases (years)		1.6			2.5
Weighted average discount rate - operating leases		3.40	%		3.48	%

Lease Commitments:

Maturity of lease liabilities - Operating Leases:


As of December 31,	2021		2020
(in thousands)
2021	$	—	$	55
2022		55		55
2023		13		13
2024		3		3
2025		1		1
Total lease payments		72		127
Less: Amounts representing interest		(1)		(5)
Present value of lease liabilities	$	71	$	122

The Company is party to an operating lease as the lessor for certain real estate leased to a third party with an initial term of 36 months. The lease requires fixed monthly payments and does not contain clauses for future rent escalations or renewal options. There are no terms and conditions under which the lessee has the option to purchase this asset. As of December 31, 2021, projected future lease income on this lease totaled $58,875 scheduled to be received in 2022. During the years ended December 31, 2021 and 2020, the Company recorded rental income of $236 thousand that is classified as part of selling, general and administrative expenses on the consolidated statements of operations.

Year ended December 31,

(in thousands)

Operating lease cost

Short-term lease cost

Total lease cost