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Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

5. Leases

The Company has operating and finance leases for buildings and other assets such as vehicles and office equipment. The Company’s leases have remaining lease terms ranging from 1 year to 4 years.

The tables below present financial information related to the Company’s leases.

Supplemental balance sheets information related to leases as of June 30, 2022 and December 31, 2021 are as follows (in thousands):

Leases		Classification				June 30, 2022				December 31, 2021
Assets
Operating lease			Operating lease right-of-use assets			$	3,322			$	4,275
Finance lease			Property, plant and equipment, net				87				126
Total lease assets						$	3,409			$	4,401
Liabilities
Current
Operating			Operating lease liabilities			$	1,838			$	2,323
Finance			Other current liabilities				64				68
Non-current
Operating			Non-current operating lease liabilities				1,485				1,952
Finance			Other non-current liabilities				34				73
Total lease liabilities						$	3,421			$	4,416

The following table presents the weighted average remaining lease term and discount rate:

		June 30, 2022				December 31, 2021
Weighted average remaining lease term
Operating leases			2.2 years				2.4 years
Finance leases			1.5 years				2.0 years
Weighted average discount rate
Operating leases			3.99	%			4.20	%
Finance leases			7.75	%			7.75	%

The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands):

		Three Months Ended								Six Months Ended
		June 30, 2022				June 30, 2021				June 30, 2022				June 30, 2021
Operating lease cost		$	612			$	727			$	1,181			$	1,407
Finance lease cost
Amortization of right-of-use assets			14				16				30				33
Interest on lease liabilities			3				3				5				7
Total lease cost		$	629			$	746			$	1,216			$	1,447

The above table does not include an immaterial cost of short-term leases for the six months ended June 30, 2022 and 2021.

Other lease information is as follows (in thousands):

		Three Months Ended								Six Months Ended
		June 30, 2022				June 30, 2021				June 30, 2022				June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	612			$	727			$	1,181			$	1,407
Operating cash flows from finance leases			3				3				5				7
Financing cash flows from finance leases			16				17				32				33

The aggregate future lease payments for operating and finance leases as of June 30, 2022 are as follows (in thousands):

		Operating Leases				Finance Leases
Remainder of 2022		$	1,210			$	35
2023			1,142				69
2024			706				—
2025			423				—
2026			6				—
Total future lease payments			3,487				104
Less: Imputed interest			(164	)			(6	)
Present value of future payments		$	3,323			$	98

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- References

No definition available.

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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

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