COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 11 – COMMITMENTS AND CONTINGENCIES

As of December 31, 2021, we have known contractual obligations; commitments and contingencies of $93.6 million related to our short- and long-term liabilities and operating lease obligations.

			Less than						More than
Payment due by period (in thousands)	Total		1 year		1-3 years		3-5 years		5 years
Contractual obligations
Operating leases	$	18,454	$	2,063	$	4,290	$	3,831	$	8,270
Loan payable		75,140		975		—		74,165		—
Total	$	93,594	$	3,038	$	4,290	$	77,996	$	8,270

Leases

See Note 7 - leases for a detailed description of our lease arrangements in New York, New Jersey and North Carolina. Total rental expense was approximately $2.2 million, $2.7 million and $2.7 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Future minimum lease commitments as of December 31, 2021, in the aggregate total approximately $18.5 million through December 31, 2032. The preceding table shows future minimum lease commitments, which include our office leases in New York, New Jersey, and North Carolina by year as of December 31, 2021.

Loan Payable

See Note 6 – Loan payable for a detail description of our loan agreement.