LEASES

3 Months Ended

Mar. 31, 2023

Leases

LEASES

8. LEASES

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

	Classification on the Balance Sheet	March 31, 2023		December 31, 2022
Assets
Operating lease assets	Operating lease right of use assets		2,298		2,439
Total lease assets		$	2,298	$	2,439
Liabilities
Current
Operating lease liabilities	Other accrued expenses		542		578
Total current lease liabilities		$	542	$	578
Noncurrent
Operating lease liabilities	Operating lease liabilities, net of current portion		1,748		1,848
Total long-term lease liabilities			1,748		1,848
Total lease liabilities		$	2,290	$	2,426

The weighted average remaining lease term for the Company’s operating leases was 4.8 years as of March 31, 2023 and the weighted average discount rate for those leases was 11.8%. 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, 2023:

	Operating Leases
2023 - remaining nine months	$	627
2024		575
2025		450
2026		550
2027-2028		825
Total minimum lease payments		3,027
Less: amount of lease payments representing effects of discounting		737
Present value of future minimum lease payments		2,290
Less: current obligations under leases		542
Long-term lease obligations	$	1,748

In April 2023, the Company entered into a lease termination agreement with its Parsippany landlord. See Note 19, Subsequent Events, for more detail.