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Lease Liability
 6 Months Ended
Jun. 30, 2023
Lease Liability  
Lease Liability

11. Lease Liability

 

The Company has operating leases predominantly for operating facilities. As of June 30, 2023, the remaining lease terms on our operating leases range from less than one to twelve years. Renewal options to extend our leases have not been exercised due to uncertainty. Termination options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants. There are no significant finance leases as of June 30, 2023.

 

 

Future minimum lease payments as of June 30, 2023, are as follows:

 

Maturity of Lease Liability:

 

   Totals 
2023   633,000 
2024   950,000 
2025   803,000 
2026   794,000 
2027   808,000 
2028   824,000 
After   4,675,000 
Total lease payments   9,487,000 
Less: Imputed Interest   (1,734,000)
Present value of remaining lease payments  $7,753,000 
      
Current  $633,000 
Noncurrent  $7,120,000 
      
Weighted-average remaining lease term (years)   13.9 
      
Weighted-average discount rate   4.3%

 

In March of 2022, Premier Packaging began leasing its relocated manufacturing facilities to West Henrietta, New York. This lease contains an escalating payment clause, ranging from $61,000 per month to $78,000 per month, over the twelve year term of the lease.