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Leases
 3 Months Ended
Mar. 31, 2022
Leases  
Leases

Note 10 – Leases

 

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

 

         
   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):

 

                   
   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):

 

         
   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):

 

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