MicroVision, Inc. Quarterly report pursuant to Section 13 or 15(d)

8. LEASES (Tables)

9 Months Ended

Sep. 30, 2021

The components of lease expense were as follows:

Components of Lease Expense


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(in thousands)		2021		2020		2021		2020
Operating lease expense	$	116	$	116	$	348	$	348

Finance lease expense:
Amortization of leased assets		7		6		24		18
Interest on lease liabilities		-		-		2		2
Total finance lease expense		7		6		26		20
Total lease expense	$	123	$	122	$	374	$	368

Supplemental cash flow information related to leases was as follows:

Cash Flow Information Related to Leases


		Nine Months Ended
		September 30,
(in thousands)		2021		2020
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	506	$	491
Operating cash flows from finance leases		2		2
Financing cash flows from finance leases		25		19

Supplemental balance sheet information related to leases was as follows:

		September 30,		December 31,
(in thousands)		2021		2020
Operating leases
Operating lease right-of-use assets	$	652	$	946

Current portion of operating lease liability		691		676
Operating lease liability, net of current portion		307		774
Total operating lease liabilities	$	998	$	1,450

Finance leases
Property and equipment, at cost	$	112	$	112
Accumulated depreciation		(49)		(28)
Property and equipment, net	$	63	$	84

Current portion of finance lease obligations	$	23	$	31
Finance lease obligations, net of current portion		27		44
Total finance lease liabilities	$	50	$	75

Weighted Average Remaining Lease Term
Operating leases		1.5 years		2.3 years
Finance leases		1.3 years		2.0 years

Weighted Average Discount Rate
Operating leases		6.0%		6.0%
Finance leases		6.3%		6.3%

As of September 30, 2021, maturities of lease liabilities were as follows:

Maturities of Lease Liabilities


(in thousands)		Operating		Finance
Years Ended December 31,		leases		leases
2021	$	170	$	6
2022		696		26
2023		175		21
2024		-		-
Thereafter		-		-
Total minimum lease payments		1,041		53
Less: amount representing interest		(43)		(3)
Present value of capital lease liabilities	$	998	$	50