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Commitments and Contingencies (Tables) | 3 Months Ended
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Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Supplemental Cash Flow Information Related to Operating and Financing Lease | The following table presents supplemental cash flow information related to operating and financing leases for the three months ended March 31, 2021 and 2020 (in thousands):
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of financing lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 220 |  |  | $ | 78 |
Operating cash flows from financing leases |  |  | 10 |  |  |  | 3 |
Financing cash flows from financing leases |  |  | 41 |  |  |  | 17 |
Right-of-use assets obtained in exchange for lease obligation: |  |  |  |  |  |  |  |
Operating lease, including lease acquired in Insight Genetics business combination |  |  | - |  |  |  | 536 |
Schedule of Supplemental Balance Sheet Information Related to Operating and Financing Leases | The following table presents supplemental balance sheet information related to operating and financing leases as of March 31, 2021 (in thousands, except lease term and discount rate):
|  | March 31, 2021 |
Operating leases |  |  |  |
Right-of-use assets, net |  | $ | 2,801 |
Right-of-use lease liabilities, current |  | $ | 606 |
Right-of-use lease liabilities, noncurrent |  |  | 3,664 |
Total operating lease liabilities |  | $ | 4,270 |
Financing leases |  |  |  |
Machinery and equipment |  | $ | 537 |
Accumulated depreciation |  |  | (226) |
Machinery and equipment, net |  | $ | 311 |
Current liabilities |  | $ | 135 |
Noncurrent liabilities |  |  | 196 |
Total financing lease liabilities |  | $ | 331 |
Weighted average remaining lease term |  |  |  |
Operating leases |  |  | 6 years |
Financing leases |  |  | 2.5 years |
Weighted average discount rate |  |  |  |
Operating leases |  |  | 11.16% |
Financing leases |  |  | 11.34% |
Schedule of Future Minimum Lease Commitments for Operating and Financing Leases | Future minimum lease commitments are as follows (in thousands):
|  | Operating Leases |  |  | Financing Leases |
Year Ending December 31, |  |  |  |  |  |  |  |
2021 |  | $ | 811 |  |  | $ | 134 |
2022 |  |  | 1,096 |  |  |  | 124 |
2023 |  |  | 1,000 |  |  |  | 124 |
2024 |  |  | 889 |  |  |  | - |
2025 |  |  | 869 |  |  |  | - |
Thereafter |  |  | 1,594 |  |  |  | - |
Total minimum lease payments |  | $ | 6,259 |  |  | $ | 382 |
Less amounts representing interest |  |  | (1,760) |  |  |  | (51) |
Less: Tenant Improvement Allowance, net of administrative fee (1) |  |  | (229) |  |  |  | - |
Present value of net minimum lease payments |  | $ | 4,270 |  |  | $ | 331 |
(1) | In accordance with ASC 842, a tenant allowance should be included in the measurement of the consideration in the lease agreement at inception and reflected as a reduction to the right-of-use asset and a corresponding reduction to the right-use-liability if the lessee both controls the construction of the tenant improvements and the expects to fully earn all of the tenant allowance. Oncocyte has met both conditions at the inception of the Irvine Lease and has recorded the Tenant Improvement Allowance accordingly. As the cash for the Tenant Improvement Allowance is received from the lessor under the terms of the Irvine Lease, the corresponding right-of-use liability will increase and will be amortized as part of the right-of use asset and liability amortization over the term of the Irvine Lease in accordance with ASC 842. As of March 31, 2021, the lessor had provided $1.1 million of the total $1.3 million Tenant Improvement Allowance, leaving a balance of $0.2 million.

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