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LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

LEASES

The Company does not recognize leases with terms less than twelve months in duration, or that have variable only payments, in its Consolidated Balance Sheet as right-of-use assets and lease liabilities. The Company has adopted the practical expedient which allows for the Company to not separate lease and non-lease components of contracts. Accordingly, non-lease components are included in the measurement of the Company’s lease liabilities and right-of-use assets. If the Company is aware of the implicit rate in leases, the Company determines the operating lease liability using the implicit rate. For those leases where the Company is not aware of the implicit rate in the lease, the Company utilizes an incremental borrowing rate of 4.00%, which is indicative of its collateralized borrowing rate.

Operating Leases

The Company leases its facility in Sofia, Bulgaria and vehicles in Clearwater, Florida under non-cancelable operating lease agreements. The Company’s lease on the Bulgaria facility includes rent escalation over the term of the lease. Rent expense on the Bulgaria facility lease is accounted for on a straight-line basis over the lease term. These operating leases have terms expiring through December 2022.

Finance Leases

The Company has entered into non-cancelable finance leases for certain computer equipment and a vehicle in Clearwater, Florida. These finance leases have terms expiring through August 2023.

Information about the Company’s lease costs are as follows:

			Year Ended December 31,
Lease costs (in thousands):			2021			2020
Operating lease costs			$	134		$	124
Finance lease costs:
Amortization of right-of-use assets			216			216
Interest on lease liabilities			12			22
Variable lease costs			12			13
Total lease costs			$	374		$	375

Cash information related to our leases are as follows:

			Year Ended December 31, 2021									Year Ended December 31, 2020
(in thousands)			Operating			Finance						Operating			Finance
Cash paid for lease liabilities			$	135		$	228					$	110		$	251

Information about the Company’s weighted average remaining lease terms and discount rate assumptions are as follows:

			Year Ended December 31, 2021									Year Ended December 31, 2020
			Operating			Finance						Operating			Finance
Weighted average remaining lease term (in years)			1.0			0.8						2.0			1.7
Weighted average discount rate			3.98%			4.00%						4.03%			4.00%

Maturities of lease liabilities as of December 31, 2021 are as follows:

(In thousands)			Operating			Finance
2022			$	125		$	168
2023			—			18
Total lease payments			125			186
Less imputed interest			(3)			(3)
Present value of lease liabilities			122			183
Less current portion of lease liabilities			(122)			(165)
Long-term portion of lease liabilities			$	—		$	18

LEASES

LEASES

The Company does not recognize leases with terms less than twelve months in duration, or that have variable only payments, in its Consolidated Balance Sheet as right-of-use assets and lease liabilities. The Company has adopted the practical expedient which allows for the Company to not separate lease and non-lease components of contracts. Accordingly, non-lease components are included in the measurement of the Company’s lease liabilities and right-of-use assets. If the Company is aware of the implicit rate in leases, the Company determines the operating lease liability using the implicit rate. For those leases where the Company is not aware of the implicit rate in the lease, the Company utilizes an incremental borrowing rate of 4.00%, which is indicative of its collateralized borrowing rate.

Operating Leases

The Company leases its facility in Sofia, Bulgaria and vehicles in Clearwater, Florida under non-cancelable operating lease agreements. The Company’s lease on the Bulgaria facility includes rent escalation over the term of the lease. Rent expense on the Bulgaria facility lease is accounted for on a straight-line basis over the lease term. These operating leases have terms expiring through December 2022.

Finance Leases

The Company has entered into non-cancelable finance leases for certain computer equipment and a vehicle in Clearwater, Florida. These finance leases have terms expiring through August 2023.

Information about the Company’s lease costs are as follows:

			Year Ended December 31,
Lease costs (in thousands):			2021			2020
Operating lease costs			$	134		$	124
Finance lease costs:
Amortization of right-of-use assets			216			216
Interest on lease liabilities			12			22
Variable lease costs			12			13
Total lease costs			$	374		$	375

Cash information related to our leases are as follows:

			Year Ended December 31, 2021									Year Ended December 31, 2020
(in thousands)			Operating			Finance						Operating			Finance
Cash paid for lease liabilities			$	135		$	228					$	110		$	251

Information about the Company’s weighted average remaining lease terms and discount rate assumptions are as follows:

			Year Ended December 31, 2021									Year Ended December 31, 2020
			Operating			Finance						Operating			Finance
Weighted average remaining lease term (in years)			1.0			0.8						2.0			1.7
Weighted average discount rate			3.98%			4.00%						4.03%			4.00%

Maturities of lease liabilities as of December 31, 2021 are as follows:

(In thousands)			Operating			Finance
2022			$	125		$	168
2023			—			18
Total lease payments			125			186
Less imputed interest			(3)			(3)
Present value of lease liabilities			122			183
Less current portion of lease liabilities			(122)			(165)
Long-term portion of lease liabilities			$	—		$	18

X

- References

No definition available.

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- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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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 http://asc.fasb.org/subtopic&trid=77888251

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