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Leases

3 Months Ended

Mar. 31, 2023

Leases

Leases

4. Leases

Solitario accounts for its leases in accordance with ASC 842. Solitario leases one facility, its Wheat Ridge, Colorado office (the “WR Lease”), that has a term of more than one year. Solitario has no other material operating lease costs. The WR Lease is classified as an operating lease and has a term of seven months at March 31, 2023, with no renewal option. At March 31, 2023 and December 31, 2022, the right-of-use office lease asset for the WR Lease is classified as other assets and the related liability as current operating lease liability in the condensed consolidated balance sheet. The amortization of right of use lease asset 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 the three months ended March 31, 2023 and 2022, Solitario recognized $10,000 and $10,000, respectively, of non-cash amortization of right of use lease asset expense for the WR Lease included in general and administrative expense. During the three months ended March 31, 2023 and 2022, cash lease payments of $11,000 and $11,000, respectively, were made on the WR Lease. These cash payments, less imputed interest of $1,000 for each period, reduced the related liability on the WR Lease. The discount rate within the WR Lease is not determinable and Solitario has applied a discount rate of 5% based upon Solitario’s estimate of its cost of capital. Solitario has $25,000 of remaining cash payments under the WR Lease as of March 31, 2023.

The maturities of Solitario’s lease liability for its WR Lease are as follows at March 31, 2023:

Future lease payments (in thousands)
Total lease payments		$	25
Less the portion of lease payments representing interest			-
Present value of lease payments		$	25

Supplemental cash flow information related to our operating lease was as follows for the three months ended March 31, 2023 and 2022:

(in thousands)		Three months ended  March 31,
		2023				2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from WR Lease payments		$	11			$	11

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- References

No definition available.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI https://asc.fasb.org/topic&trid=2208923

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