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LEASES (Tables)
 3 Months Ended
Mar. 31, 2023
Leases  
SCHEDULE OF CONSOLIDATED BALANCE SHEET

 

  

March 31,

2023

   December 31,
2022		 
   (in thousands) 
Right of use asset balance        
Operating lease  $813   $868 
Lease liability balance          
Short-term operating lease  $174   $189 
Long-term operating lease   750    794 
Total operating leases  $924   $983 
SCHEDULE OF LEASE COSTS

 

   2023   2022 
   Three Months ended March 31, 
   2023   2022 
   (in thousands) 
Operating lease cost  $65   $31 
Short-term lease cost   269    2 
Sublease income   -    (16)
Total lease costs  $334   $17 
SCHEDULE OF WEIGHTED AVERAGE LEASE

The Company’s Houston office operating lease does not contain implicit interest rates that can be readily determined; therefore, the Company used the incremental borrowing rates in effect at the time the Company entered into the leases.

 

   As of March 31, 
   2023   2022 
   (in thousands) 
Weighted average lease term (years)   4.7    0.9 
Weighted average discount rate   4.25%   9.26%
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS

 

  

March 31,

2023

 
   (in thousands) 
2023  $156 
2024   213 
2025   218 
2026   224 
2027   210 
Total lease payments  $1,021 
Less: imputed interest   (97)
Total lease liability  $924