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LEASES
 12 Months Ended
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):

     
  

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