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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases |
15. | LEASES
On July 1, 2014, BioTE Medical entered into a contract to lease office space in the Las Colinas Business Center in Irving, TX. Subsequent to execution of the contract, the Company revised the lease to include additional space and extend the lease term through June 30, 2023. On November 1, 2022, the Company executed an extension of lease office space to extend through November 30, 2028. This extension included an additional 3,700 square feet of space that would be available for use in December of 2023, which would be included in monthly rent payments at this date accordingly. The Company recognizes operating lease costs on a straight-line basis over the lease term within Selling, general and administrative expense in the consolidated statement of income and comprehensive income. The following table contains a summary of the operating lease costs recognized under ASC 842 and supplemental cash flow information for leases for the years ended December 31, 2022 and 2021:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Fixed lease expense |  | $ | 278 |  |  | $ | 244 |
Total lease cost |  | $ | 278 |  |  | $ | 244 |
Other information: |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 257 |  |  | $ | 257 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 1,936 |  |  | $ | — |
The following table summarizes the balance sheet classification of the Company’s operating leases, amounts of ROU assets and lease liabilities, the weighted average remaining lease term, and the weighted average discount rate for the Company’s operating leases:
|  | December 31, 2022 |  |  | December 31, 2021 |
Lease assets |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 2,052 |  |  | $ | 356 |
Total lease assets |  | $ | 2,052 |  |  | $ | 356 |
Lease liabilities |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Operating lease liabilities |  | $ | 165 |  |  | $ | 248 |
Non-current: |  |  |  |  |  |  |  |
Operating lease liabilities |  |  | 1,927 |  |  |  | 127 |
Total lease liabilities |  | $ | 2,092 |  |  | $ | 375 |
Weighted-average remaining lease term—operating leases (years) |  |  | 5.92 |  |  |  | 1.50 |
Weighted-average discount rate—operating leases |  |  | 8.48 | % |  |  | 3.75 | %
The following table summarizes the payments by date for the Company’s operating lease, which is then reconciled to our total lease obligation, as of December 31, 2022:
2023 |  |  | 337 |
2024 |  |  | 448 |
2025 |  |  | 464 |
2026 |  |  | 480 |
2027 |  |  | 497 |
Thereafter |  |  | 470 |
Total lease payments |  |  | 2,696 |
Less: Interest |  |  | (604 | )
Present value of lease liabilities |  | $ | 2,092 |

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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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