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

8. LEASES (Tables)

3 Months Ended

Mar. 31, 2022

The components of lease expense were as follows:

Components of Lease Expense


		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

Supplemental cash flow information related to leases was as follows:

Cash Flow Information Related to Leases


		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 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%

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

Maturities of Lease Liabilities


(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