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

8. LEASES (Tables)

6 Months Ended

Jun. 30, 2022

The components of lease expense were as follows:

Components of Lease Expense


		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

Supplemental cash flow information related to leases was as follows:

Cash Flow Information Related to Leases


		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 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%

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

Maturities of Lease Liabilities


(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