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Leases
 9 Months Ended
Sep. 30, 2022
Leases  
Leases

4. Leases

 

The Company has one operating lease for a commercial manufacturing facility and administrative offices located in Langhorne, Pennsylvania that runs through January 2031.

 

 

The following table presents information about the amount and timing of the liability arising from the Company’s operating lease as of September 30, 2022 ($ in thousands):

  

   Operating 
   Lease 
Maturity of Lease Liability  Liability 
2022  $52 
2023   207 
2024   207 
2025   207 
2026   263 
Thereafter   1,165 
Total undiscounted operating lease payments  $2,101 
Less: Imputed interest   (262)
Present value of operating lease liability  $1,839 
Weighted average remaining lease term   8.25 years 
Weighted average discount rate   3.0%

 

Total operating lease expense for the nine months ending September 30, 2022 and 2021 was $155 thousand and $192 thousand, respectively, and is recorded in cost of revenues and selling, general and administrative expenses on the statement of operations.

 

Supplemental cash flows information related to leases was as follows ($ in thousands):

  

    September 30,  
    2022  
Cash paid for amounts included in the measurement of lease liability:        
Operating cash flows from operating lease   $ 155