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Leases
 9 Months Ended
Sep. 30, 2021
Leases  
Leases

Note 10 – Leases

 

The components of lease expense were as follows (amounts in thousands):

 

   2021   2020   2021   2020 
   Three months ended September 30,   Nine months ended September 30, 
   2021   2020   2021   2020 
Operating lease cost  $121   $116   $353   $348 
Finance lease cost                    
Amortization of assets   2    2    7    6 
Interest on finance lease obligations   1    1    3    4 
Total net lease cost  $124   $119   $363   $358 

 

Included in the table above, for the three and nine months ended September 30, 2021, is $0.1 and $0.3 million, respectively, of operating lease cost for our corporate headquarters. This space is being leased from The Move, LLC. Our CEO and President, each a related party to WFCF, have a 24.3% jointly-held ownership interest in The Move, LLC.

 

Supplemental balance sheet information related to leases was as follows (amounts in thousands):

 

   September 30, 2021   December 31, 2020 
  Related Party   Other   Total   Related Party   Other   Total 
Operating leases:                        
Operating lease ROU assets  $2,615   $201   $2,816   $2,755   $238   $2,993 
                               
Current operating lease liabilities  $195   $107   $302   $179   $89   $268 
Noncurrent operating lease liabilities   2,932    118    3,050    3,079    178    3,257 
Total operating lease liabilities  $3,127   $225   $3,352   $3,258   $267   $3,525 

 

  September 30, 2021   December 31, 2020 
Finance leases:        
Property and equipment, at cost  $51   $67 
Accumulated amortization   (23)   (30)
Property and equipment, net  $28   $37 
           
Current obligations of finance leases  $12   $13 
Finance leases, net of current obligations   22    31 
Total finance lease liabilities  $34   $44 
           
Weighted average remaining lease term (in years):          
Operating leases   9.4    10.0 
Finance leases   3.3    3.7 
           
Weighted average discount rate:          
Operating leases   5.8%   5.8%
Finance leases   11.9%   13.0%

 

Supplemental cash flow and other information related to leases was as follows (amounts in thousands):

 

   2021   2020   2021   2020 
   Three months ended September 30,   Nine months ended September 30, 
   2021   2020   2021   2020 
Cash paid for amounts included in the measurement of lease liabilities:                
Operating cash flows from operating leases  $120   $113   $350   $335 
Operating cash flows from finance leases  $1   $1   $3   $4 
Financing cash flows from finance leases  $2   $2   $7   $6 
                     
ROU assets obtained in exchange for lease liabilities:                    
Operating leases  $3,057   $3,507   $3,057   $3,507 

 

  

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

 

Maturities of lease liabilities were as follows (amounts in thousands):

 

Years Ending December 31st,  Operating Leases   Finance Leases 
2021 (three remaining months)  $121   $4 
2022   481    15 
2023   468    10 
2024   407    5 
2025   405    5 
Thereafter   2,496    - 
Total lease payments   4,378    39 
Less amount representing interest   (1,026)   (5)
Total lease obligations   3,352    34 
Less current portion   (302)   (12)
Long-term lease obligations  $3,050   $22