Quarterly report pursuant to Section 13 or 15(d)

8. LEASES (Tables)

v3.22.2.2
8. LEASES (Tables)
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Components of Lease Expense

The components of lease expense were as follows:

 

                         
      Three Months Ended     Nine Months Ended
      September 30,     September 30,
(in thousands)     2022     2021     2022     2021
Operating lease expense   $     365   $     116   $     865   $     348
                         
Finance lease expense:                        
  Amortization of leased assets           6           7           19           24
  Interest on lease liabilities             1             -             2             2
Total finance lease expense           7           7           21           26
Total lease expense   $     372   $     123   $     886   $     374
Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

 

             
      Nine Months Ended
      September 30,
(in thousands)     2022     2021
Cash paid for amounts included in measurement of lease liabilities:            
Operating cash flows from operating leases   $       938   $    506
Operating cash flows from finance leases      2            2
Financing cash flows from finance leases      20          25
Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

      September 30,     December 31,
(in thousands)     2022     2021
Operating leases            
Operating lease right-of-use assets   $       14,486   $    5,577
             
Current portion of operating lease liability           769        849
Operating lease liability, net of current portion           13,803        4,983
Total operating lease liabilities   $    14,572   $ 5,832
             
Finance leases            
Property and equipment, at cost   $       112   $    112
Accumulated depreciation           (75)        (56)
Property and equipment, net   $         37   $      56
             
Current portion of finance lease obligations   $         25   $      21
Finance lease obligations, net of current portion             2          26
Total finance lease liabilities   $         27   $      47
             
Weighted Average Remaining Lease Term            
  Operating leases      9.9 years       9.5 years 
  Finance leases      0.7 years       1.2 years 
             
Weighted Average Discount Rate            
  Operating leases     4.6%     2.5%
  Finance leases     6.3%     6.3%
Maturities of Lease Liabilities

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

 

             
(in thousands)     Operating     Finance
Years Ended December 31,     leases     leases
2022   $    303   $      7
2023        1,753          21
2024        1,804          -
2025             1,855             -
Thereafter             12,733             -
Total minimum lease payments     18,448          28
Less: amount representing interest         (3,876)           (1)
Present value of capital lease liabilities   $ 14,572   $      27