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LEASES | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
LEASES | LEASES The Company leases office facilities under noncancelable operating lease agreements. During the period from January 1, 2022 through January 26, 2022 (Predecessor) and January 27, 2022 through June 30, 2022 (Successor), the Company had leases for office facilities in Marina del Rey, California; Bellevue, Washington; and Guelph, Canada. In March 2021, the Company entered into an agreement for a sublease of office space facility in Marina Del Rey, California. The initial term of the sublease is in effect until November of 2025 with no renewal periods. The components of lease expense were as follows:
| Successor |  | Successor |  |  | Predecessor
| Three Months Ended June 30, 2022 |  | Period from January 27, 2022 through June 30, 2022 |  |  | Period from January 1, 2022 through January 26, 2022
Operating lease cost | $ | 585 |  | $ | 982 |  |  | $ | 142
Variable lease costs for operating leases were immaterial for the periods presented above. Operating lease costs were included in Selling, general, and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. Supplemental information related to leases was as follows:
| Successor
| As of June 30, 2022
Weighted average remaining lease terms (in years): |
Operating leases | 7.2
Weighted average discount rate | 5.3%
Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows as of June 30, 2022 (Successor):
| Successor
| As of June 30, 2022
Operating leases: |
Remainder of 2022 | $ | 1,240 |
2023 | 2,525 |
2024 | 2,597 |
2025 | 2,252 |
2026 | 285 |
Thereafter | 1,588 |
Total lease payments | $ | 10,487 |
Less: Imputed interest | (1,349) |
Present value of operating lease liabilities | $ | 9,138 |
Rent expense was $571 and $1,062 for the three and six months ended June 30, 2021 (Predecessor), respectively, which was included in Selling, general, and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. As of December 31, 2021 (Predecessor), the expected future operating lease obligation are as follows:
| Predecessor
| As of December 31, 2021
Year ending |
2022 | $ | 1,957 |
2023 | $ | 1,950 |
2024 | $ | 1,950 |
2025 | $ | 1,663 |

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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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