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LEASES
 9 Months Ended
Sep. 30, 2022
Leases  
LEASES

13. LEASES

 

The Company leases certain offices, facilities and equipment under operating and financing leases. Our leases have remaining terms ranging from less than 1 year to 5 years some of which contain options to extend up to 5 years. As of September 30, 2022 and December 31, 2021, assets recorded under finance leases were $1.2 million and $1.6 million, respectively, and accumulated amortization associated with finance leases were $474 and $1.1 million, respectively.

 

As of September 30, 2022 and December 31, 2021, assets recorded under operating leases were $2.5 million and $3.9 million, respectively, and accumulated amortization associated with operating leases were $1.2 million and $2.3 million, respectively. The Company did not execute any new lease agreements during the three months ended September 30, 2022.

 

The components of the lease expense were as follows:

 

                 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2022   2021   2022   2021 
Operating lease cost  $188   $173   $563   $456 
                     
Finance lease cost                    
Amortization of right-of-use asset  $53   $62   $177   $219 
Interest on lease liabilities   10    9    31    30 
Total finance lease cost  $63   $71   $208   $249 

 

Other information related to leases was as follows:

 

Supplemental Cash Flows Information

 

         
   September 30, 
   2022   2021 
Cash paid for amounts included in the measurement of lease liabilities        
Operating cash flow payments for operating leases  $559   $449 
Operating cash flow payments for finance leases   31    30 
Financing cash flow payments for finance leases   178    226 
Right-of-use assets obtained in exchange for lease obligations          
Operating lease liabilities arising from obtaining right of use assets   551    1,418 

 

Weighted Average Remaining Lease Term

 

    September 30, 
    2022    2021 
Operating leases   2 years    3 years 
Finance leases   3 years    2 years 

 

Weighted Average Discount Rate

 

   September 30, 
   2022   2021 
Operating leases   5.50%   5.50%
Finance leases   6.61%   6.76%

 

Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows:

 

   Operating   Finance 
   Leases   Leases 
2022  $182   $74 
2023   670    389 
2024   508    158 
2025   95    174 
Thereafter   24    128 
Total future minmum lease payments   1,479    923 
Less imputed interest   (92)   (102)
Total future minmum lease payments  $1,387   $821 

 

Reported as of September 30, 2022:

 

   Operating   Finance 
   Leases   Leases 
Right-of-use assets  $1,343   $773 

 

   Operating   Finance 
   Leases   Leases 
Accounts payable and accrued liabilities  $621   $351 
Other long-term liabilities   766    470 
Total  $1,387   $821