LEASES (Tables)

9 Months Ended

Sep. 30, 2022

LEASES

Schedule of lease cost

	Three months ended				Nine months ended
	September 30,		September 30,		September 30,
(in thousands)	2022		2021		2022		2021
Operating lease cost	$	1,062	$	532	$	2,100	$	1,595
Net lease cost	$	1,062	$	532	$	2,100	$	1,595

Schedule of classification of lease liabilities

	September 30,		December 31,
(in thousands)	2022		2021
Liabilities
Lease liability current portion	$	1,616	$	1,437
Lease liability non-current		10,582		9,847
Total lease liability	$	12,198	$	11,284

Schedule of lease liability maturity

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

	Operating
(in thousands)		leases
Remainder of 2022	$	591
2023		2,375
2024		2,388
2025		2,100
2026		2,080
After 2027		8,436
Total lease payments		17,970
Less: interest		(5,772)
Present value of lease liabilities(*)	$	12,198

(*) As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date and considering the term of the lease to determine the present value of lease payments. We used the incremental borrowing rate of 10.25% on February 28, 2019, for operating leases that commenced prior to that date through December 31, 2021. We used an incremental borrowing rate of 5.65% for the NC lease.