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LEASES | 12 Months Ended
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Dec. 31, 2022
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, which is indicative of its collateralized borrowing rate. We utilized rates of 1.83% to 6.49% for our outstanding leases at December 31, 2022. Operating Leases The Company leases its facility in Sofia, Bulgaria and computers under non-cancelable operating lease agreements. During the year ended December 31, 2022, the Company’s leases on the vehicles in Clearwater, Florida expired and the Company purchased the vehicles at fair value. During the year ended December 31, 2022, the Company entered into a one year extension on one of its leases on computer equipment. This extension resulted in reclassification of the lease from finance to operating. During the year ended December 31, 2022, the Company entered into a five year extension of its Sofia, Bulgaria facility. These operating leases have terms expiring through December 2027. Finance Leases The Company has entered into non-cancelable finance leases for certain computer equipment and a vehicle in Clearwater, Florida. During the year ended December 31, 2022, the Company entered into a 63 month lease for computer equipment. These finance leases have terms expiring through July 2027. Information about the Company’s lease costs are as follows:
| Year Ended December 31,
Lease costs (in thousands): | 2022 | 2021
Operating lease costs | $ | 213 |  | $ | 134 |
Finance lease costs: |  |
Amortization of right-of-use assets | 138 |  | 216 |
Interest on lease liabilities | 5 |  | 12 |
Variable lease costs | 16 |  | 12 |
Total lease costs | $ | 372 |  | $ | 374 |
Cash information related to our leases are as follows:
| Year Ended December 31, 2022 |  | Year Ended December 31, 2021
(in thousands) | Operating | Finance |  | Operating | Finance
Cash paid for lease liabilities | $ | 219 |  | $ | 153 |  |  | $ | 135 |  | $ | 228 |
Information about the Company’s weighted average remaining lease terms and discount rate assumptions are as follows:
| Year Ended December 31, 2022 |  | Year Ended December 31, 2021
| Operating | Finance |  | Operating | Finance
Weighted average remaining lease term (in years) | 4.4 | 3.9 |  | 1.0 | 0.8
Weighted average discount rate | 2.54% | 2.60% |  | 3.98% | 4.00%
Maturities of lease liabilities as of December 31, 2022 are as follows:
(In thousands) | Operating | Finance
2023 | $ | 229 |  | $ | 40 |
2024 | 122 |  | 21 |
2025 | 122 |  | 21 |
2026 | 122 |  | 21 |
2027 | 122 |  | 12 |
Total lease payments | 717 |  | 115 |
Less imputed interest | (31) |  | (5) |
Present value of lease liabilities | 686 |  | 110 |
Less current portion of lease liabilities | (216) |  | (37) |
Long-term portion of lease liabilities | $ | 470 |  | $ | 73 |
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, which is indicative of its collateralized borrowing rate. We utilized rates of 1.83% to 6.49% for our outstanding leases at December 31, 2022. Operating Leases The Company leases its facility in Sofia, Bulgaria and computers under non-cancelable operating lease agreements. During the year ended December 31, 2022, the Company’s leases on the vehicles in Clearwater, Florida expired and the Company purchased the vehicles at fair value. During the year ended December 31, 2022, the Company entered into a one year extension on one of its leases on computer equipment. This extension resulted in reclassification of the lease from finance to operating. During the year ended December 31, 2022, the Company entered into a five year extension of its Sofia, Bulgaria facility. These operating leases have terms expiring through December 2027. Finance Leases The Company has entered into non-cancelable finance leases for certain computer equipment and a vehicle in Clearwater, Florida. During the year ended December 31, 2022, the Company entered into a 63 month lease for computer equipment. These finance leases have terms expiring through July 2027. Information about the Company’s lease costs are as follows:
| Year Ended December 31,
Lease costs (in thousands): | 2022 | 2021
Operating lease costs | $ | 213 |  | $ | 134 |
Finance lease costs: |  |
Amortization of right-of-use assets | 138 |  | 216 |
Interest on lease liabilities | 5 |  | 12 |
Variable lease costs | 16 |  | 12 |
Total lease costs | $ | 372 |  | $ | 374 |
Cash information related to our leases are as follows:
| Year Ended December 31, 2022 |  | Year Ended December 31, 2021
(in thousands) | Operating | Finance |  | Operating | Finance
Cash paid for lease liabilities | $ | 219 |  | $ | 153 |  |  | $ | 135 |  | $ | 228 |
Information about the Company’s weighted average remaining lease terms and discount rate assumptions are as follows:
| Year Ended December 31, 2022 |  | Year Ended December 31, 2021
| Operating | Finance |  | Operating | Finance
Weighted average remaining lease term (in years) | 4.4 | 3.9 |  | 1.0 | 0.8
Weighted average discount rate | 2.54% | 2.60% |  | 3.98% | 4.00%
Maturities of lease liabilities as of December 31, 2022 are as follows:
(In thousands) | Operating | Finance
2023 | $ | 229 |  | $ | 40 |
2024 | 122 |  | 21 |
2025 | 122 |  | 21 |
2026 | 122 |  | 21 |
2027 | 122 |  | 12 |
Total lease payments | 717 |  | 115 |
Less imputed interest | (31) |  | (5) |
Present value of lease liabilities | 686 |  | 110 |
Less current portion of lease liabilities | (216) |  | (37) |
Long-term portion of lease liabilities | $ | 470 |  | $ | 73 |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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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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