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v3.22.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2022
Leases |
Leases | Note 10 – Leases The components of lease expense were as follows (amounts in thousands): Schedule of Lease Expense
|  | Three months ended March 31, |
|  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 123 |  |  | $ | 116 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of assets |  |  | 2 |  |  |  | 2 |
Interest on finance lease obligations |  |  | 1 |  |  |  | 1 |
Variable lease cost |  |  | - |  |  |  | - |
Total net lease cost |  | $ | 126 |  |  | $ | 119 |
Included in the table above, is $0.1 million for the three months ended March 31, 2022 and 2021, 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): Schedule of Supplemental Balance Sheet Information Related to Leases
|  | March 31, 2022 |  |  | December 31, 2021 |
Operating leases: |  | Related Party |  |  | Other |  |  | Total |  |  | Related Party |  |  | Other |  |  | Total |
Operating lease ROU assets |  | $ | 2,518 |  |  | $ | 203 |  |  | $ | 2,721 |  |  | $ | 2,568 |  |  | $ | 230 |  |  | $ | 2,798 |
Current operating lease liabilities |  | $ | 206 |  |  | $ | 108 |  |  | $ | 314 |  |  | $ | 201 |  |  | $ | 112 |  |  | $ | 313 |
Noncurrent operating lease liabilities |  |  | 2,826 |  |  |  | 115 |  |  |  | 2,941 |  |  |  | 2,880 |  |  |  | 140 |  |  |  | 3,020 |
Total operating lease liabilities |  | $ | 3,032 |  |  | $ | 223 |  |  | $ | 3,255 |  |  | $ | 3,081 |  |  | $ | 252 |  |  | $ | 3,333 |
|  | March 31, 2022 |  |  | December 31, 2021 |
Finance leases: |  |  |  |  |  |
Property and equipment, at cost |  | $ | 51 |  |  | $ | 51 |
Accumulated amortization |  |  | (28 | ) |  |  | (26 | )
Property and equipment, net |  | $ | 23 |  |  | $ | 25 |
Current obligations of finance leases |  | $ | 12 |  |  | $ | 13 |
Finance leases, net of current obligations |  |  | 17 |  |  |  | 19 |
Total finance lease liabilities |  | $ | 29 |  |  | $ | 32 |
Weighted average remaining lease term (in years): |  |  |  |  |  |  |  |
Operating leases |  |  | 8.9 |  |  |  | 9.1 |
Finance leases |  |  | 2.9 |  |  |  | 3.1 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 5.7 | % |  |  | 5.7 | %
Finance leases |  |  | 11.1 | % |  |  | 11.5 | %
Where Food Comes From, Inc. Notes to the Consolidated Financial Statements (Unaudited) Supplemental cash flow and other information related to leases was as follows (amounts in thousands): Schedule of Supplemental Cash Flow Information Related to Leases
|  | Three months ended March 31, |
|  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 125 |  |  | $ | 114 |
Operating cash flows from finance leases |  | $ | 1 |  |  | $ | 1 |
Financing cash flows from finance leases |  | $ | 3 |  |  | $ | 3 |
ROU assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |
Operating leases |  | $ | 3,110 |  |  | $ | 3,531 |
Maturities of lease liabilities were as follows (amounts in thousands): Schedule of Maturities of Operating Lease and Finance Lease Liabilities
Years Ending December 31st, |  | Operating Leases |  |  | Finance Leases |
2022 (nine remaining months) |  | $ | 369 |  |  | $ | 11 |
2023 |  |  | 480 |  |  |  | 10 |
2024 |  |  | 419 |  |  |  | 5 |
2025 |  |  | 417 |  |  |  | 6 |
2026 |  |  | 430 |  |  |  | - |
Thereafter |  |  | 2,078 |  |  |  | - |
Total lease payments |  |  | 4,193 |  |  |  | 32 |
Less amount representing interest |  |  | (938 | ) |  |  | (3 | )
Total lease obligations |  |  | 3,255 |  |  |  | 29 |
Less current portion |  |  | (314 | ) |  |  | (12 | )
Long-term lease obligations |  | $ | 2,941 |  |  | $ | 17 |

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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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