Quarterly report pursuant to Section 13 or 15(d)

8. LEASES (Tables)

v3.22.2
8. LEASES (Tables)
6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

                         
      Three Months Ended     Six Months Ended
      June 30,     June 30,
(in thousands)     2022     2021     2022     2021
Operating lease expense   $     257   $     116   $     501   $     232
                         
Finance lease expense:                        
  Amortization of leased assets           6           9           14           17
  Interest on lease liabilities             -             1             1             2
Total finance lease expense           6           10           15           19
Total lease expense   $     263   $     126   $     516   $     251
Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

 

             
      Six Months Ended
      June 30,
(in thousands)     2022     2021
Cash paid for amounts included in measurement of lease liabilities:            
Operating cash flows from operating leases   $       619   $    335
Operating cash flows from finance leases      1            2
Financing cash flows from finance leases      15          18
Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

      June 30,     December 31,
(in thousands)     2022     2021
Operating leases            
Operating lease right-of-use assets   $       5,482   $    5,577
             
Current portion of operating lease liability           590        849
Operating lease liability, net of current portion           5,029        4,983
Total operating lease liabilities   $    5,619   $ 5,832
             
Finance leases            
Property and equipment, at cost   $       112   $    112
Accumulated depreciation           (71)        (56)
Property and equipment, net   $         41   $      56
             
Current portion of finance lease obligations   $         24   $      21
Finance lease obligations, net of current portion             8          26
Total finance lease liabilities   $         32   $      47
             
Weighted Average Remaining Lease Term            
  Operating leases      9.2 years       9.5 years 
  Finance leases      0.8 years       1.2 years 
             
Weighted Average Discount Rate            
  Operating leases     2.7%     2.5%
  Finance leases     6.3%     6.3%
Maturities of Lease Liabilities

As of June 30, 2022, maturities of lease liabilities were as follows:

 

             
(in thousands)     Operating     Finance
Years Ended December 31,     leases     leases
2022   $    340   $      13
2023        611          21
2024        627          -
2025             643             -
Thereafter             4,164             -
Total minimum lease payments     6,385          34
Less: amount representing interest         (766)           (2)
Present value of capital lease liabilities   $ 5,619   $      32