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LEASES | 12 Months Ended
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Dec. 31, 2022
Leases |
LEASES |
10. | LEASES
On September 1, 2020, the Company entered into a five-year operating lease with two one-year options to extend the term of the lease. At this time, it is not reasonably certain that the Company will extend the term of the lease and, therefore, the renewal periods have been excluded from the right-of-use (“ROU”) asset. As part of the All Cell acquisition, the Company assumed a facility lease located in Broadview, Illinois, and recorded $0.2 million in right-of-use asset and lease liability. The lease term ends on August 31, 2023 and contains clauses for annual rent escalation. The present values of the lease payment streams were calculated using an effective borrowing rate of 10%. The Company is currently evaluating options for its battery manufacturing facility. During the twelve months ended December 31, 2022 and 2021, cash paid for amounts included in the measurement of operating lease liabilities was $0.6 million and $0.4 million, respectively. Operating lease cost for the twelve months ended December 31, 2022 and 2021 were $0.8 million and $0.7 million, respectively. The future minimum rental commitments for our operating leases reconciled to the lease liability as of December 31, 2022 is as follows (in thousands):
Schedule of minimum lease payments |  |  |  |
|  | December 31, 2022 |
2023 |  |  | 762 |
2024 |  |  | 689 |
2025 |  |  | 468 |
Total undiscounted future minimum payments |  |  | 1,919 |
Less imputed interest |  |  | (221 | )
Total lease liability |  | $ | 1,698 |

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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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