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RIGHT-OF USE ASSETS AND LEASE LIABILITIES | 6 Months Ended
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Jun. 30, 2022
Lessee Disclosure [Abstract] |
RIGHT-OF USE ASSETS AND LEASE LIABILITIES | RIGHT-OF USE ASSETS AND LEASE LIABILITIES The Company leases real estate, computer hardware and vehicles for use in our operations under both operating and finance leases. Our leases have remaining lease terms ranging from 1 year to 10 years, some of which include options to extend the term for up to 10 years, and some of which include options to terminate the leases. The Company includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For the majority of leases entered into during the current period, we have concluded it is not reasonably certain that we would exercise the options to extend the lease or terminate the lease early. Therefore, as of the lease commencement date, our lease terms generally do not include these options. Leasehold improvements are depreciated using the straight-line method over the shorter of the estimated useful life or the remaining term of the lease. Our leasehold improvements have lives ranging from 1 year to 8 years . Operating and finance lease cost for the three and six months ended June 30, 2022 were as follows:
(in 000’ USD) |  | Classification in Statement of operations |  | For the three months ended June 30, 2022 |  | For the six months ended June 30, 2022
Operating lease cost |  | Selling, general and administrative |  | $ | 874 |  |  | $ | 1,718 |
Finance lease cost |  |  |  |  |  |
Amortization of leased assets |  | Depreciation and amortization |  | 98 |  |  | 98 |
Interest on lease liabilities |  | Interest expense |  | 5 |  |  | 5 |
Total net lease cost |  |  |  | $ | 977 |  |  | $ | 1,821 |
Rent expense for the three and six months ended June 30, 2021, was $0.7 million and $1.4 million, respectively. Supplemental disclosure for the balance sheet related to finance leases were as follows:
(in 000’ USD) |  | At June 30, 2022
Assets |  |
Finance lease right-of-use assets included in property and equipment, net |  | $ | 305 |
Liabilities |  |
Current portion of finance lease liabilities included in accrued liabilities |  | $ | 123 |
Non-current portion of finance lease liabilities included in other long-term liabilities |  | 182
Total finance lease liabilities |  | $ | 305 |
The weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows:
|  | At June 30, 2022
Weighted average remaining lease term (in years) |  |
Operating leases |  | 6.5
Finance leases |  | 0.63
Weighted average discount rate: |  |
Operating leases |  | 7.2 | %
Finance leases |  | 1.2 | %
The future minimum lease payments under operating and finance leases at June 30, 2022 for the next five years are as follows:
|  | Operating Leases |  | Finance Leases
(in ‘000 USD) |  | Amount |  | Amount
From July 1, 2022 to December 31, 2022 |  | $ | 1,002 |  |  | $ | 67 |
2023 |  | 2,107 |  |  | 132 |
2024 |  | 1,466 |  |  | 110 |
2025 |  | 1,307 |  |  | 24 |
2026 |  | 1,038 |  |  | — |
Thereafter |  | 4,236 |  |  | — |
Total minimum lease payments |  | 11,156 |  |  | 333 |
Interest expense |  | (2,540) |  |  | (28) |
Total |  | $ | 8,616 |  |  | $ | 305 |
RIGHT-OF USE ASSETS AND LEASE LIABILITIES | RIGHT-OF USE ASSETS AND LEASE LIABILITIES The Company leases real estate, computer hardware and vehicles for use in our operations under both operating and finance leases. Our leases have remaining lease terms ranging from 1 year to 10 years, some of which include options to extend the term for up to 10 years, and some of which include options to terminate the leases. The Company includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For the majority of leases entered into during the current period, we have concluded it is not reasonably certain that we would exercise the options to extend the lease or terminate the lease early. Therefore, as of the lease commencement date, our lease terms generally do not include these options. Leasehold improvements are depreciated using the straight-line method over the shorter of the estimated useful life or the remaining term of the lease. Our leasehold improvements have lives ranging from 1 year to 8 years . Operating and finance lease cost for the three and six months ended June 30, 2022 were as follows:
(in 000’ USD) |  | Classification in Statement of operations |  | For the three months ended June 30, 2022 |  | For the six months ended June 30, 2022
Operating lease cost |  | Selling, general and administrative |  | $ | 874 |  |  | $ | 1,718 |
Finance lease cost |  |  |  |  |  |
Amortization of leased assets |  | Depreciation and amortization |  | 98 |  |  | 98 |
Interest on lease liabilities |  | Interest expense |  | 5 |  |  | 5 |
Total net lease cost |  |  |  | $ | 977 |  |  | $ | 1,821 |
Rent expense for the three and six months ended June 30, 2021, was $0.7 million and $1.4 million, respectively. Supplemental disclosure for the balance sheet related to finance leases were as follows:
(in 000’ USD) |  | At June 30, 2022
Assets |  |
Finance lease right-of-use assets included in property and equipment, net |  | $ | 305 |
Liabilities |  |
Current portion of finance lease liabilities included in accrued liabilities |  | $ | 123 |
Non-current portion of finance lease liabilities included in other long-term liabilities |  | 182
Total finance lease liabilities |  | $ | 305 |
The weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows:
|  | At June 30, 2022
Weighted average remaining lease term (in years) |  |
Operating leases |  | 6.5
Finance leases |  | 0.63
Weighted average discount rate: |  |
Operating leases |  | 7.2 | %
Finance leases |  | 1.2 | %
The future minimum lease payments under operating and finance leases at June 30, 2022 for the next five years are as follows:
|  | Operating Leases |  | Finance Leases
(in ‘000 USD) |  | Amount |  | Amount
From July 1, 2022 to December 31, 2022 |  | $ | 1,002 |  |  | $ | 67 |
2023 |  | 2,107 |  |  | 132 |
2024 |  | 1,466 |  |  | 110 |
2025 |  | 1,307 |  |  | 24 |
2026 |  | 1,038 |  |  | — |
Thereafter |  | 4,236 |  |  | — |
Total minimum lease payments |  | 11,156 |  |  | 333 |
Interest expense |  | (2,540) |  |  | (28) |
Total |  | $ | 8,616 |  |  | $ | 305 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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