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Leases
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 ($ in thousands):

  

   Operating 
   Lease 
Maturity of Lease Liability  Liability 
2023  $184 
2024   245 
2025   245 
2026   301 
2027   315 
Thereafter   1,115 
Total undiscounted operating lease payments  $2,405 
Less: Imputed interest   (309)
Present value of operating lease liability  $2,096 
Weighted average remaining lease term   8.9 years  
Weighted average discount rate   3.5%

 

Total operating lease expense for the three months ending March 31, 2023 and 2022, was $65 thousand and $61 thousand, respectively, and is recorded in cost of goods sold and selling, general and administrative expenses in the accompanying condensed consolidated statement of operations.

 

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

  

   March 31, 
   2023 
Cash paid for amounts included in the measurement of lease liability:     
Operating cash flows from operating lease  $54