LEASES

3 Months Ended

Mar. 31, 2022

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:

	Classification on the Balance Sheet	March 31, 2022
		(unaudited)
Assets
Financing lease assets	Property and equipment, net	$	620
Operating lease assets	Operating lease right of use assets		3,760
Total lease assets		$	4,380
Liabilities
Current
Financing lease liabilities	Other accrued expenses	$	70
Operating lease liabilities	Other accrued expenses		999
Total current lease liabilities		$	1,069
Noncurrent
Financing lease liabilities	Other long-term liabilities		41
Operating lease liabilities	Operating lease liabilities, net of current portion		2,928
Total long-term lease liabilities			2,969
Total lease liabilities		$	4,038

The weighted average remaining lease term for the Company’s operating leases was 6.3 years as of March 31, 2022 and the weighted average discount rate for those leases was 6.5%. 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 March 31, 2022:

	Operating Leases		Financing Leases
2022	$	961	$	58
2023		897		60
2024		567		-
2025		402		-
2026-2030		1,924
Total minimum lease payments		4,751		118
Less: amount of lease payments representing effects of discounting		824		7
Present value of future minimum lease payments		3,927		111
Less: current obligations under leases		999		70
Long-term lease obligations	$	2,928	$	41

As of March 31, 2022, 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	$	4,751	$	961	$	1,464	$	816	$	1,510
Total	$	4,751	$	961	$	1,464	$	816	$	1,510