LEASES (Tables)

6 Months Ended

Jun. 30, 2023

LEASES

Schedule of lease cost

	Three months ended				Six months ended
	June 30,		June 30,		June 30,
(in thousands)	2023		2022		2023		2022
Operating lease cost	$	552	$	524	$	1,096	$	1,038
Net lease cost	$	552	$	524	$	1,096	$	1,038

Schedule of classification of lease liabilities

	June 30,		December 31,
(in thousands)	2023		2022
Liabilities
Lease liability current portion	$	1,512	$	1,581
Lease liability non-current		9,805		10,344
Total lease liability	$	11,317	$	11,925

Schedule of lease liability maturity

As of June 30, 2023, the maturities of lease liabilities were as follows:

	Operating
(in thousands)		leases
Remainder of 2023	$	1,188
2024		2,388
2025		2,100
2026		2,080
2027		1,913
After 2028		6,543
Total lease payments		16,212
Less: interest		(4,895)
Present value of lease liabilities(*)	$	11,317

(*) 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.