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Leases
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases Leases
On August 30, 2021, the Company entered into a thirty-eight month operating lease agreement for office space with an entity affiliated with the Company's Interim President and Chief Executive Officer. Pursuant to the terms of the lease agreement, the Company will pay a base rent in the first year of the agreement beginning October 30, 2021 of $5,364 monthly with an annual increase of 2.5% through the term of the agreement. During the three and nine months ended September 30, 2021, the Company recognized $0.2 million of right-of-use assets in exchange for new operating lease liabilities associated with this lease agreement. See Note 16 for additional information on the Company's related party transactions.
Total Lease Cost
Individual components of the total lease cost incurred by the Company are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2021202020212020
Operating lease cost$1,026 $1,032 $3,072 $3,101 
Finance lease cost:
Amortization of right-of-use assets13 9 33 84 
Interest on finance lease liabilities1 — 2 24 
Total lease cost$1,040 $1,041 $3,107 $3,209 
Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statement of operations.
Maturity of Leases
The amounts of undiscounted future minimum lease payments under leases as of September 30, 2021 are as follows:
(in thousands)OperatingFinance
Remainder of 2021$930 $13 
20223,731 37 
20233,766 28 
20243,607 14 
20253,626 — 
Thereafter43,548 — 
Total undiscounted minimum future lease payments59,208 92 
Imputed interest25,998 6 
Present value of lease liabilities$33,210 $86 
Lease Term and Discount Rate
Weighted-average remaining lease termSeptember 30, 2021December 31, 2020
Operating leases14.71 years15.47 years
Finance leases2.26 years2.91 years
Weighted-average discount rate
Operating leases8.32 %8.33 %
Finance leases2.60 %2.44 %
During the three and nine months ended September 30, 2021, $0.3 million of right-of-use assets were recognized in exchange for new operating lease liabilities.
Leases Leases
On August 30, 2021, the Company entered into a thirty-eight month operating lease agreement for office space with an entity affiliated with the Company's Interim President and Chief Executive Officer. Pursuant to the terms of the lease agreement, the Company will pay a base rent in the first year of the agreement beginning October 30, 2021 of $5,364 monthly with an annual increase of 2.5% through the term of the agreement. During the three and nine months ended September 30, 2021, the Company recognized $0.2 million of right-of-use assets in exchange for new operating lease liabilities associated with this lease agreement. See Note 16 for additional information on the Company's related party transactions.
Total Lease Cost
Individual components of the total lease cost incurred by the Company are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2021202020212020
Operating lease cost$1,026 $1,032 $3,072 $3,101 
Finance lease cost:
Amortization of right-of-use assets13 9 33 84 
Interest on finance lease liabilities1 — 2 24 
Total lease cost$1,040 $1,041 $3,107 $3,209 
Reduction in carrying amounts of right-of-use assets held under finance leases is included in depreciation expense. Minimum rental payments under operating leases are recognized on a straight-line method over the term of the lease including any periods of free rent and are included in selling, general, and administrative expense on the unaudited condensed consolidated statement of operations.
Maturity of Leases
The amounts of undiscounted future minimum lease payments under leases as of September 30, 2021 are as follows:
(in thousands)OperatingFinance
Remainder of 2021$930 $13 
20223,731 37 
20233,766 28 
20243,607 14 
20253,626 — 
Thereafter43,548 — 
Total undiscounted minimum future lease payments59,208 92 
Imputed interest25,998 6 
Present value of lease liabilities$33,210 $86 
Lease Term and Discount Rate
Weighted-average remaining lease termSeptember 30, 2021December 31, 2020
Operating leases14.71 years15.47 years
Finance leases2.26 years2.91 years
Weighted-average discount rate
Operating leases8.32 %8.33 %
Finance leases2.60 %2.44 %
During the three and nine months ended September 30, 2021, $0.3 million of right-of-use assets were recognized in exchange for new operating lease liabilities.