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LEASES | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
LEASES | LEASES Operating Leases The Company leases its facility in Sofia, Bulgaria and computers under non-cancelable operating lease agreements. These operating leases have terms expiring through December 2027. In connection with the terms of the Purchase Agreement (see Note 4), during May 2023, the Company entered into a Single Tenant Industrial Building Lease (the “Lease”), pursuant to which the Property was leased back to the Company. The Lease has an initial term of ten (10) years commencing from the closing (the “Initial Term”), and a renewal term of five (5) years, exercisable at the Company’s option. The annual fixed rent is $619,500 for the first year of the Initial Term, and is subject to a 4% escalation every year thereafter through the Initial Term. Rent will be reset to the current market rate should the Company exercise the renewal option. The Lease provides for a 3% management fee on rent payments throughout the Initial Term and optional renewal term. The Lease is a triple net lease, pursuant to which all costs, expenses, and obligations relating to the Property, including, repair and maintenance charges, utility charges, real estate taxes or other taxes that may be imposed that relate to the Property, shall be paid by the Company. In addition, the Lease contains other customary terms and provisions generally contained within leases of this type. Information about the Company’s weighted average remaining operating lease terms and discount rate assumptions are as follows:
| June 30, 2023 |  | December 31, 2022
Weighted average remaining lease term (in years) | 9.3 |  |  | 4.4 |
Weighted average discount rate | 8.36% |  |  | 2.54% |
Maturities of operating lease liabilities as of June 30, 2023 are as follows:
(In thousands) |  |
2023 | $ | 417 |  |
2024 | 777 |  |
2025 | 803 |  |
2026 | 830 |  |
2027 | 858 |  |
Thereafter | 4,516 |  |
Total lease payments | 8,201 |  |
Less imputed interest | (2,771) |  |
Present value of lease liabilities | 5,430 |  |
Less current portion of lease liabilities | (337) |  |
Long-term portion of lease liabilities | $ | 5,093 |  |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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