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Leases (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Lease Cost Recognized in Consolidated Statement of Operations and Other Information

Lease cost recognized in the Company’s Condensed Consolidated Statements of Operations and other information is summarized as follows (in thousands):


	Nine Months Ended September 30,
	2022			2023
Lease expense:
Operating lease cost	$	1,345		$	798
Finance lease cost
Amortization of right-of-use assets		-			134
Interest on lease liabilities		-			65
Short-term operating lease cost		181			182
Total lease cost	$	1,526		$	1,179
Other information:
Weighted average remaining lease terms (years):
Operating leases		1.4			3.8
Finance leases		-			2.2
Weighted average discount rate:
Operating leases (1)		4.7	%		6.6	%
Finance leases		-			14.1	%

(1)

The discount rate used to compute the present value of total lease liabilities as of September 30, 2023 was based on the Company's estimated incremental borrowing rate of similar secured borrowings available to the Company as of the commencement date of lease.


	Three Months Ended September 30,
	2022		2023
Lease expense:
Operating lease cost	$	464	$	155
Finance lease cost
Amortization of right-of-use assets		-		66
Interest on lease liabilities		-		27
Short-term operating lease cost		73		44
Total operating lease cost	$	537	$	292

Schedule of Operating and Finance Lease Liabilities

As of September 30, 2023, the Company’s operating and finance lease liabilities were as follows (in thousands):


	Operating Leases			Finance Leases
Gross future lease payments	$	2,044		$	763
Less: imputed interest		(256	)		(118	)
Present value of total lease liabilities		1,788			645
Less: current portion of lease liabilities		(452	)		(221	)
Total long-term lease liabilities	$	1,336		$	424