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LEASES
 9 Months Ended
Sep. 30, 2021
Leases  
LEASES

 

7. LEASES

 

Finance lease assets are included in fixed assets, net of accumulated depreciation.

 

The table below presents the lease-related assets and liabilities recorded in the Condensed Consolidated Balance Sheet:

SCHEDULE OF FINANCING AND OPERATING LEASES 

   Classification on the Balance Sheet  September 30,
2021		   December 31,
2020		 
       (unaudited)       
Assets             
Financing lease assets  Property and equipment, net  $652   $597 
Operating lease assets  Operating lease right of use assets   3,989    4,384 
Total lease assets     $4,641   $4,981 
              
Liabilities             
Current             
Financing lease liabilities  Other accrued expenses  $98   $177 
Operating lease liabilities  Other accrued expenses   1,030    1,027 
Total current lease liabilities     $1,128   $1,204 
Noncurrent             
Financing lease liabilities  Other long-term liabilities   75    138 
Operating lease liabilities  Operating lease liabilities, net of current portion   3,152    3,540 
Total long-term lease liabilities      3,227    3,678 
Total lease liabilities     $4,355   $4,882 

 

 

The weighted average remaining lease term for the Company’s operating leases was 6.6 years as of September 30, 2021 and 7.1 years as of December 31, 2020 and the weighted average discount rate for those leases was 6.4% and 6.0% as of September 30, 2021 and December 31, 2020, respectively. The Company’s operating lease expenses are recorded within “Cost of revenue” and “General and administrative expenses.”

 

The table below reconciles the cash flows to the lease liabilities recorded on the Company’s Condensed Consolidated Balance Sheet as of September 30, 2021:

SCHEDULE OF MATURITIES OF OPERATING AND FINANCING LEASE LIABILITIES 

   Operating Leases   Financing Leases 
2021 (remaining through December 31)   312    39 
2022   1,192    86 
2023   794    60 
2024   473    - 
2025   402    - 
2026   414    - 
Thereafter   1,510    - 
Total minimum lease payments   5,097    185 
Less: amount of lease payments representing effects of discounting   915    12 
Present value of future minimum lease payments   4,182    173 
Less: current obligations under leases   1,030    98 
Long-term lease obligations  $3,152   $75 

 

As of September 30, 2021, contractual obligations with terms exceeding one year and estimated minimum future rental payments required by non-cancelable operating leases with initial or remaining lease terms exceeding one year were as follows:

 

 

       Less than   1 to 3   3 to 5   After 
   Total   1 Year   Years   Years   5 Years 
Operating lease obligations  $5,097   $312   $1,986   $875   $1,924 
Total  $5,097   $312   $1,986   $875   $1,924