Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

Note 9 – Leases

The Company has operating leases for corporate offices, an automobile and office equipment. The leases have remaining lease terms of 1 year to 4 years.

Lease cost, as presented below, includes costs associated with leases for which right-of-use (“ROU”) assets have been recognized as well as short-term leases.

The components of total lease costs were as follows:

	Three months ended March 31, 2022		Three months ended March 31, 2021
	(in thousands)
Operating lease cost	$	111	$	101
Finance lease cost:
Amortization of right-of-use assets		4		3
Interest on lease liabilities		2		1
Total finance lease cost		6		4
Variable lease cost		9		9
Total lease cost	$	126	$	114

Supplemental cash flow information related to leases was as follows:

	Three months ended March 31, 2022		Three months ended March 31, 2021
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	111	$	101
Financing cash flows from finance leases		3		3

Supplemental balance sheet information related to leases was as follows:

	March 31, 2022		December 31, 2021
	(in thousands)
Operating lease right-of-use assets	$	623	$	706
Finance lease right-of-use assets	$	21	$	24
Current portion of operating lease liabilities	$	323	$	352
Operating lease liabilities, net of current portion		342		400
Total operating lease liabilities	$	665	$	752
Current portion of finance lease liabilities	$	12	$	12
Finance lease liabilities, net of current portion		9		12
Total finance lease liabilities	$	21	$	24
Weighted average remaining lease term
Operating leases				2.2 years
Finance leases				2.2 years
Weighted average discount rate
Operating leases				8.0	%
Finance leases				8.0	%

As of March 31, 2022, maturities of lease liabilities were as follows:

	Operating Leases			Finance Leases
	(in thousands)
2022 (excluding the three months ended March 31, 2022)	$	294		$	10
2023		269			8
2024		156			7
2025		-			4
Total future minimum lease payments		719			29
Less imputed interest		(54	)		(8	)
Total	$	665		$	21