Quarterly report pursuant to Section 13 or 15(d)

8. LEASES (Tables)

v3.22.1
8. LEASES (Tables)
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

             
      Three Months Ended
      March 31,
(in thousands)     2022     2021
Operating lease expense   $                       244   $                       116
             
Finance lease expense:            
  Amortization of leased assets                             8                             8
  Interest on lease liabilities                               1                               1
Total finance lease expense                             9                             9
Total lease expense   $                       253   $                       125
Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

 

             
      Three Months Ended
      March 31,
(in thousands)     2022     2021
Cash paid for amounts included in measurement of lease liabilities:            
Operating cash flows from operating leases   $                         299   $                      166
Operating cash flows from finance leases                                 1                              1
Financing cash flows from finance leases                                 8                            8
Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

      March 31,     December 31,
(in thousands)     2022     2021
Operating leases            
Operating lease right-of-use assets   $                         5,368   $                      5,577
             
Current portion of operating lease liability                             686                          849
Operating lease liability, net of current portion                             4,882                          4,983
Total operating lease liabilities   $                      5,568   $                   5,832
             
Finance leases            
Property and equipment, at cost   $                         112   $                      112
Accumulated depreciation                             (63)                          (56)
Property and equipment, net   $                           49   $                        56
             
Current portion of finance lease obligations   $                           24   $                        21
Finance lease obligations, net of current portion                               15                            26
Total finance lease liabilities   $                           39   $                        47
             
Weighted Average Remaining Lease Term            
  Operating leases      9.5 years       9.5 years 
  Finance leases      1.0 years       1.2 years 
             
Weighted Average Discount Rate            
  Operating leases     2.5%     2.5%
  Finance leases     6.3%     6.3%
Maturities of Lease Liabilities

As of March 31, 2022, maturities of lease liabilities were as follows:

 

             
(in thousands)     Operating     Finance
Years Ended December 31,     leases     leases
2022   $             600   $               19
2023                 535                   21
2024                 551                   -
2025                      567                      -
Thereafter                      4,069                      -
Total minimum lease payments              6,322                   40
Less: amount representing interest                  (754)                    (1)
Present value of capital lease liabilities   $          5,568   $               39