Annual report pursuant to Section 13 and 15(d)

Leases

v3.23.1
Leases
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases

Note 11. Leases

Operating leases

We have operating leases for office space. Our leases have remaining lease terms from 2 months to 8.5 years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within 1 year.

The following table provides a summary of leases by balance sheet category as of December 31, 2022 and 2021 (In thousands):

Description

 

December 31, 2022

 

 

December 31, 2021

 

 

Operating right-of-use assets

 

$

3,940

 

 

$

4,333

 

 

Operating lease liability - current

 

$

1,067

 

 

$

659

 

 

Operating lease liability - non-current

 

$

3,014

 

 

$

3,712

 

 

The components of lease expenses for the years ended December 31, 2022 and 2021 were as follow (In thousands):

 

 

Year Ended

 

 

Year Ended

 

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

Operating lease cost

 

$

1,125

 

 

$

957

 

 

The following table provides a summary of other information related to leases for the years ended December 31, 2022 and 2021 (In thousands):

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

1,135

 

 

$

983

 

Right-of-use assets obtained in exchange of new operating lease liabilities

 

 

275

 

 

 

 

Weighted-average remaining lease term - operating leases

 

5.6 years

 

 

8.8 years

 

Weighted-average discount rate - operating leases

 

 

7

%

 

 

12

%

The Company determined that using a discount rate between 7% and 12% is reasonable, as this is consistent with the mortgage rates for commercial properties for the time period commensurate with the terms of the leases.

Maturity of lease liabilities under our non-cancellable operating leases as of December 31, 2022 are as follow (In thousands):

Fiscal Year

 

Operating leases

 

2023

 

$

1,359

 

2024

 

 

938

 

2025

 

 

756

 

2026

 

 

516

 

2027

 

 

364

 

Thereafter

 

 

1,144

 

Total future minimum lease payments

 

 

5,077

 

Less: imputed interest

 

 

(996

)

Present value of lease liabilities

 

$

4,081