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Right of Use Leased Asset | 9 Months Ended
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Sep. 30, 2023
Right Of Use Leased Asset |
Right of Use Leased Asset | Right of Use Leased Asset Right of use asset consisted of the following (in thousands):
| September 30, 2023 |  | December 31, 2022
Office Lease Assets | $ | 9,657 |  |  | $ | 10,313 |
Equipment Lease Assets | 5,359 |  |  | 3,928 |
Right Of Use Asset, Gross | 15,016 |  |  | 14,241 |
Accumulated Amortization | (4,647) |  |  | (2,587) |
Foreign Currency Translation Adjustment | (770) |  |  | (810) |
Right Of Use Asset, Net | $ | 9,599 |  |  | $ | 10,844 |
Refer to Note 19 for details on the Company’s lease commitments. As of September 30, 2023, the weighted-average lease term for the Company’s operating leases was 86 months and the weighted-average discount rate was 10.6%. As of December 31, 2022, the weighted-average lease term for operating leases was 93 months and the weighted-average discount rate was 10.4%. Operating lease costs during the three and nine months ended September 30, 2023 were $0.4 million and $1.2 million, respectively, recorded within General and Administrative Expenses on the Company’s condensed consolidated statement of operations. On August 2, 2023, Beacon Media, signed a Termination of Lease Agreement (the “Lease Termination”), effective August 1, 2023 (the “Effective Date”), related to the office space in Lyndhurst, NJ. The Lease Termination requires Beacon Media to pay an aggregate of $0.1 million in consideration of terminating the lease, payable in four equal installments, starting on the cease-use date of August 1, 2023. If it fails to pay any installment within five days of being due, Beacon Media would be responsible for the full exposure on the lease of $0.6 million. The Lease Termination included waiver of the security deposit in the amount of $26,208 and an agreement to leave the furniture, fixtures and leasehold improvements with a carrying value of $0.1 million on the Effective Date. The Company wrote off the ROU asset, lease liability, prepaid deposit and fixed assets on the Effective Date. Including fees, the Company recorded a total loss on lease termination of $0.2 million within Other Income (Expense), net on the Company’s condensed consolidated statement of operations during the three months ended September 30, 2023. During the three months ended September 30, 2023 the Company recorded finance lease costs of $0.5 million comprised of ROU amortization of $0.5 million and $47,871 of interest accretion. During the nine months ended September 30, 2023 the Company recorded finance lease costs of $1.7 million comprised of ROU amortization of $1.6 million and $0.2 million of interest accretion. ROU amortization is recorded within General and Administrative Expenses on the Company’s condensed consolidated statement of operations and accretion of interest expense is recorded within Other Income (Expense) on the Company’s condensed consolidated statement of operations. Lease costs during the three and nine months ended September 30, 2022 were $0.7 million and $1.3 million, respectively, recorded within General and Administrative Expenses on the Company’s condensed consolidated statement of operations.

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- Definition Right Of Use Leased Asset + References No definition available. + Details
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- Definition Lessee, Operating and Finance Leases + References No definition available. + Details
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