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Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

6. Leases

The Company has an operating lease for its corporate offices and operations facility, as well as certain equipment with a term of 12 months or less. The Company also has an operating lease for its former retail store location, which was closed in 2022; the Company is currently in the process of negotiating the termination of this lease.

As of March 31, 2023, the Company’s real estate leases have remaining lease terms of 4 – 6 years, with a weighted average remaining lease term of approximately 4.7 years and a weighted average discount rate of 6.25%.

Lease expense included in selling, general and administrative expenses on the Company’s unaudited condensed consolidated statements of operations was approximately $0.4 million for both the current quarter and prior year quarter.

Cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million and $0.6 million in the current quarter and prior year quarter, respectively.

As of March 31, 2023, the maturities of lease obligations were as follows:


($ in thousands)
2023 (April 1 through December 31)		$	1,290
2024			1,711
2025			1,711
2026			1,711
2027			1,452
Thereafter (through 2028)			158
Total lease payments			8,033
Less: Discount			1,107
Present value of lease liabilities			6,926
Current portion of lease liabilities			1,395
Non-current portion of lease liabilities		$	5,531