Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2023
Leases  
Summary of Quantitative Information About Operating Leases
The following summarizes quantitative information about our operating and finance leases (amounts in thousands):
For the three months ended For the six months ended
June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
Operating leases:
Operating lease cost $ 298  $ 204  $ 502  $ 408 
Total operating lease expense $ 298  $ 204  $ 502  $ 408 
Finance leases:
Interest lease cost $ 20  $ —  $ 20  $ — 
Depreciation expense 50  —  50  — 
Total finance lease expense $ 70  $ —  $ 70  $ — 
Other information related to the Company’s leases is shown below (dollar amounts in thousands):
For the six months ended
June 30, 2023 June 30, 2022
Operating cash flows used in operating leases $ (397) $ (387)
June 30, 2023 December 31, 2022
Weighted-average remaining lease term – operating leases (in years) 7.9 8.5
Weighted-average remaining lease term – finance leases (in years) 4.8  NA
Weighted-average discount rate – operating leases 10  % 10  %
Weighted-average discount rate – finance leases 8  % NA
Finance lease asset (1) $ 1,445  NA
(1) As of June 30, 2023, the Company had recorded accumulated depreciation of approximately $50,000 for the finance lease asset. Finance lease assets are recorded within property and equipment, net on the Company’s condensed consolidated balance sheets.
Schedule of Maturity of Operating Leases
Minimum lease payments over the remaining lease periods as of June 30, 2023 are as follows (amounts in thousands):
Operating Lease Finance Lease Total
Remaining periods in the year ended December 31, 2023 $ 465  $ 181  $ 646 
Year Ended December 31, 2024 953 364 1,317 
Year Ended December 31, 2025 978 364 1,342 
Year Ended December 31, 2026 942 364 1,306 
Year Ended December 31, 2027 956 364 1,320 
Thereafter 3,650  121  3,771 
Total lease payments 7,944  1,758  9,702 
Less present value discount (2,551) (304) (2,855)
Total $ 5,393  $ 1,454  $ 6,847