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v3.22.2.2

Leases | 6 Months Ended
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Jun. 30, 2022
Disclosure Text Block [Abstract] |
Leases | Note 10 — Leases Leases The determination if any arrangement contained a lease at its inception was done based on whether or not the Company has the right to control the asset during the contract period. The lease term was determined assuming the exercise of options that were reasonably certain to occur. Leases with a lease term of 12 months or less at inception were not reflected in the Company’s balance sheet and those lease costs are expensed on a straight-line basis over the respective term. Leases with a term greater than 12 months were reflected as non-current right-of-use assets and current and non-current lease liabilities in the Company’s consolidated balance sheets. As the implicit interest rate in its leases was generally not known, the Company’s used its incremental borrowing rate as the discount rate for purposes of determining the present value of its lease liabilities. At June 30, 2022 and December 31, 2021, the Company’s weighted-average discount rate utilized for its leases was 7.35% and 7.16%, respectively. When a contract contained lease and non-lease elements, both were accounted as a single lease component. The Company had several non-cancelable finance leases for machinery and equipment. The Company’s finance leases have remaining lease terms of one year to five years. The Company had several non-cancelable operating leases for corporate offices, warehouses, showrooms, research and development facilities and vehicles. The Company’s leases have remaining lease terms of one year to five years, some of which include options to extend. Some leases include payment for common area maintenance associated with the property. Additional information on the Company’s operating and financing lease activity is as follows:
|  | Three Months ended June 30, |  |  | Six Months ended June 30, |
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 291 |  |  | $ | 70 |  |  | $ | 536 |  |  | $ | 84 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 46 |  |  |  | 45 |  |  |  | 94 |  |  |  | 90 |
Interest on lease liabilities |  |  | 9 |  |  |  | 11 |  |  |  | 18 |  |  |  | 22 |
Total lease cost |  | $ | 346 |  |  | $ | 126 |  |  | $ | 648 |  |  | $ | 196 |
(In thousands) |  | Balance Sheet Location |  |  | June 30, 2022 |  |  | December 31, 2021 |
Assets |  |  |  |  |  |  |  |  |
Right-of-use assets, net |  |  | Right-of-use, net |  |  | $ | 2,866 |  |  | $ | 1,479 |
Finance lease assets |  |  | Property and equipment, net |  |  |  | 344 |  |  |  | 380 |
Total lease assets |  |  |  |  |  | $ | 3,210 |  |  | $ | 1,859 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | Operating lease liabilities, current |  |  | $ | 1,084 |  |  | $ | 814 |
Financing |  |  | Accrued expenses and other current liabilities |  |  |  | 166 |  |  |  | 156 |
Non-current: |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | Operating lease liabilities, non-current |  |  |  | 1,908 |  |  |  | 704 |
Financing |  |  | Other non-current liabilities |  |  |  | 236 |  |  |  | 293 |
Total lease liabilities |  |  |  |  |  | $ | 3,394 |  |  | $ | 1,967 |
Weighted-average remaining lease term – operating leases |  |  |  |  |  |  | 3.64 years |  |  |  | 3.11 years |
Weighted-average remaining lease term – finance leases |  |  |  |  |  |  | 2.60 years |  |  |  | 2.36 years |
Weighted-average discount rate – operating leases |  |  |  |  |  |  | 6.72 | % |  |  | 8.03 | %
Weighted-average discount rate – finance leases |  |  |  |  |  |  | 7.97 | % |  |  | 6.29 | %
Maturities of operating and finance lease liabilities as of June 30, 2022 are as follows:
Years ending December 31 (In thousands), |  | Operating Lease |  |  | Finance Lease |
Remaining 2022 |  | $ | 649 |  |  | $ | 89 |
2023 |  |  | 971 |  |  |  | 199 |
2024 |  |  | 614 |  |  |  | 97 |
2025 |  |  | 493 |  |  |  | 51 |
2026 |  |  | 461 |  |  |  | 11 |
Thereafter |  |  | 200 |  |  |  | — |
Total minimum lease payments |  |  | 3,388 |  |  |  | 447 |
Less imputed interest |  |  | (396 | ) |  |  | (45 | )
Total lease liabilities |  | $ | 2,992 |  |  | $ | 402 |

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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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