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LEASES
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, assets recorded under financing leases were $1.2 million and $1.3 million, respectively, and accumulated amortization associated with financing leases were $564 and $534, respectively.

 

As of March 31, 2023 and December 31, 2022, assets recorded under operating leases were $2.2 million and $2.2 million, respectively, and accumulated amortization associated with operating leases were $967 and $798, respectively. The Company did not execute any new lease agreements during the three months ended March 31, 2023.

 

Components of the lease expense:

 

   2023   2022 
   Three Months Ended 
   March 31, 
   2023   2022 
Operating lease cost  $190   $188 
           
Financing lease cost          
Amortization of right-of-use asset  $73   $51 
Interest on lease liabilities   13    10 
Total financing lease cost  $86   $61 

 

Supplemental cash flows information:

 

   2023   2022 
  

Three Months Ended

March 31,

 
   2023   2022 
Cash paid for amounts included in the measurement of lease liabilities          
Operating cash flow payments for operating leases  $192   $186 
Operating cash flow payments for financing leases   13    10 
Financing cash flow payments for financing leases   71    48 
Right-of-use assets obtained in exchange for lease obligations          
Operating lease liabilities arising from obtaining right of use assets   -    165 
Financing lease obligations   -    (9)

 

Weighted average remaining lease term:

 

    March 31, 
    2023    2022 
Operating leases   2 years    3 years 
Financing leases   3 years    2 years 

 

Weighted average discount rate:

 

   March 31, 
   2023   2022 
Operating leases   5.50%   5.50%
Financing leases   5.22%   6.65%

 

Future minimum lease payments under non-cancellable leases as of March 31, 2023 were as follows:

 SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES

   Operating   Financing 
   Leases   Leases 
2023  $582   $313 
2024   613    166 
2025   200    174 
2026   24    88 
Thereafter   -    41 
Total future minimum lease payments   1,419    782 
Less imputed interest   (89)   (80)
Total future minimum lease payments  $1,330   $702