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LEASE LIABILITIES AND RIGHT OF USE ASSETS | 12 Months Ended
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Dec. 31, 2021
LEASE LIABILITIES AND RIGHT OF USE ASSETS |
LEASE LIABILITIES AND RIGHT OF USE ASSETS | NOTE 5 — LEASE LIABILITIES AND RIGHT OF USE ASSETS We determine whether an arrangement is a lease at inception. Right-of-use assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Finance Leases The Company has finance leases to purchase computer equipment. The amortization expense of the leased equipment is included in depreciation expense. As of December 31, 2021 and 2020, the Company’s outstanding finance lease obligations totaled $102,000 and $61,000, respectively. The effective interest rate of the finance leases is estimated at 6.0% based on the implicit rate in the lease agreements. The following summarizes the assets acquired under finance leases included in property and equipment, net of disposals:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
(in thousands) |  | 2021 |  | 2020
Computer equipment | ​ | $ | 256 | ​ | $ | 177
Less: accumulated depreciation | ​ |  | (156) | ​ |  | (116)
Assets acquired under finance leases, net | ​ | $ | 100 | ​ | $ | 61
​ Operating Leases Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the expected lease term. Since our lease arrangements do not provide an implicit rate, we use our estimated incremental borrowing rate for the expected remaining lease term at commencement date in determining the present value of future lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. The Company has operating leases for office space in Tucson, Arizona, Marietta, Georgia, and Miami Beach, Florida. The lease for the principal office located in Tucson consists of approximately 5,200 square feet and ends in October 2022. The lease for the Marietta office, which consists of approximately 6,700 square feet, commenced in June 2019 and expires in August 2024. In the second quarter of 2021, we terminated the lease with a company controlled by our Executive Chairman and closed our Scottsdale, Arizona office. In October 2021, the Company entered into a lease agreement for new office space in Miami Beach, Florida, consisting of approximately 2,739 square feet. The new lease commenced on October 5, 2021 and will expire in May 2024. Upon commencement of the new lease, we recorded a right-of-use asset and corresponding operating lease liability of $482,000. Refer to Note 8 – Related Party Transactions for additional information on this office lease. In addition, the Company entered into membership agreements to occupy shared office space in Austin, Texas, Portland, Oregon, and Seattle, Washington. The membership agreements do not qualify as a lease under ASC 842, therefore the Company expenses membership fees as they are incurred. Refer to Note 9 – Commitments and Contingencies for further details on our shared office arrangements which provide for a minimum term. The Company made operating lease payments in the amount of $310,000 and $255,000 during the years ended December 31, 2021 and 2020, respectively. The following summarizes the total lease liabilities and remaining future minimum lease payments at December 31, 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Finance |  | Operating |  | ​ | ​
Year ending December 31, | ​ | Leases | ​ | Leases | ​ | Total
2022 | ​ | $ | 61 | ​ | $ | 456 | ​ | $ | 517
2023 | ​ |  | 40 | ​ |  | 322 | ​ |  | 362
2024 | ​ |  | 7 | ​ |  | 149 | ​ |  | 156
Total minimum lease payments | ​ |  | 108 | ​ |  | 927 | ​ |  | 1,035
Less: present value discount | ​ |  | (6) | ​ |  | (62) | ​ |  | (68)
Total lease liabilities | ​ | $ | 102 | ​ | $ | 865 | ​ | $ | 967
Current portion of lease liabilities | ​ | $ | 57 | ​ | $ | 415 | ​ | $ | 472
Long term portion of lease liabilities | ​ | $ | 45 | ​ | $ | 450 | ​ | $ | 495
​ The following summarizes expenses associated with our finance and operating leases for the years ended December 31, 2021 and 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
(in thousands) | ​ | 2021 | ​ | 2020
Finance lease expenses: |  | ​ |  | ​ | ​ |
Depreciation expense | ​ | $ | 77 | ​ | $ | 56
Interest on lease liabilities | ​ |  | 8 | ​ |  | 6
Total Finance lease expense | ​ |  | 85 | ​ |  | 62
Operating lease expense | ​ |  | 304 | ​ |  | 292
Short-term lease and related expenses | ​ |  | 217 | ​ |  | 155
Total lease expenses | ​ | $ | 606 | ​ | $ | 509
​ The following table provides information about the remaining lease terms and discount rates applied as of December 31, 2021 and 2020:
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2021 | ​ | 2021
Weighted average remaining lease term (years) |  |  | ​ | ​
Operating leases |  | 2.27 | ​ | 2.95
Finance leases |  | 1.92 | ​ | 1.44
Weighted average discount rate (%) |  |  | ​ | ​
Operating leases |  | 6.00 | ​ | 6.00
Finance leases |  | 6.00 | ​ | 6.00
​

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