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Leases
 12 Months Ended
Dec. 31, 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. There are two options that can extend the lease term for five years each. The exercise of the lease options to renew is solely at the Company’s discretion.

 

The following table presents information about the amount and timing of the liability arising from the Company’s operating lease as of December 31, 2022 ($ in thousands):

  

Maturity of Lease Liability  Operating
Lease
Liability		 
2023  $207 
2024   207 
2025   207 
2026   263 
2027   274 
Thereafter   890 
Total undiscounted operating lease payments  $2,048 
Less: Imputed interest   (248)
Present value of operating lease liability  $1,800 
Weighted average remaining lease term   8.1 years 
Weighted average discount rate   3.0%

 

Total operating lease expense for the year ended December 31, 2022 and 2021 was $246 and $233 thousand respectively, and is recorded in cost of revenues and selling, general and administrative expenses within the statements of operations.

 

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

  

   December 31, 
   2022 
Cash paid for amounts included in the measurement of lease liability:     
Operating cash flows from operating lease  $207