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Operating Lease

12 Months Ended

Dec. 31, 2021

Operating Lease

Operating Lease

4. Operating Lease

                Solitario accounts for its leases in accordance with ASC 842.  Solitario leases one facility, its Wheat Ridge, Colorado administrative office (the “WR Lease”), that has a term of more than one year.  Solitario has no other material operating lease costs.  The WR Lease was extended to October 2023 during 2021 and Solitario recorded a net increase in right of use assets of $99,000 during 2021 upon the extension of the WR Lease.  The WR Lease is classified as an operating lease and has a remaining term of 22 months at December 31, 2021. The right-of-use office lease asset for the WR Lease is classified as other assets and the related liability as a current office lease liability in the consolidated balance sheet.  Lease expense is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. 

                During 2021 and 2020, Solitario recognized $40,000 and $40,000, respectively, of non-cash lease expense for the WR Lease included in general and administrative expense.  Cash lease payments of $39,000 and $42,000, respectively, were made on the WR Lease during 2021 and 2020 and this amount, less $4,000 and $4,000, respectively, of imputed interest during 2021 and 2020, reduced the related liability on the WR Lease.  The discount rate within the WR Lease is not determinable and Solitario applied a discount rate of 5% based upon Solitario’s estimate of its cost of capital in recording the WR Lease.   Solitario has $75,000 remaining cash payments as of December 31, 2021.

The following is supplemental cash flow information related to our operating lease for 2021 and 2020:

(in thousands)		Year ended December 31, 2021				Year ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from WR Lease payments		$	39			$	42
Non-cash amounts related to the WR lease
Right of use assets recorded in exchange for new operating lease liabilities		$	99			$	-

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- References

No definition available.

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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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