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RIGHT-OF USE ASSETS AND LEASE LIABILITIES (Tables) | 6 Months Ended
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Jun. 30, 2022
Lessee Disclosure [Abstract] |
Schedule of Lease Costs | 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 |
Schedule of Finance Lease Supplemental Balance Sheet Disclosures | 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 | %
Schedule of Future Minimum Payments Under Operating Leases | 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 |
Schedule of Future Minimum Payments Under Finance Leases | 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 Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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