RIGHT-OF-USE ASSETS, LEASE OBLIGATIONS, AND OTHER LEASES

12 Months Ended

Dec. 31, 2022

RIGHT-OF-USE ASSETS, LEASE OBLIGATIONS, AND OTHER LEASES

RIGHT-OF-USE ASSETS, LEASE OBLIGATIONS, AND OTHER LEASES

NOTE 5. – RIGHT-OF-USE ASSETS, LEASE OBLIGATIONS, AND OTHER LEASES

The Company leases office space, laboratory space and manufacturing facilities in (i) Mocksville, North Carolina, (ii) Buffalo, New York, (iii) Rockville, Maryland, (iv) Las Vegas, Nevada, (v) Prineville, Oregon, and (vi) multiple locations in Madras, Oregon.

The following table summarized the Company’s discount rate and remaining lease terms as of December 31, 2022:

Weighted average remaining lease term in years	6.8
Weighted average discount rate	6.1	%

Future minimum lease payments as of December 31, 2022 are as follows:

2023	$	835
2024		706
2025		676
2026		219
2027		195
Thereafter		1,142
Total lease payments		3,773
Less: imputed interest		(951)
Present value of lease liabilities		2,823
Less: current portion of lease liabilities		(681)
Total long-term lease liabilities	$	2,141

Operating lease costs for the year ended December 31, 2022 and 2021, were $891 and $301, respectively.

Supplemental cash flow information for leases for fiscal years 2022 and 2021 are comprised of the following:

	December 31,		December 31,
	2022		2021
Cash paid for operating leases	$	849	$	239
Assets acquired under operating leases	$	729	$	1,816

During the fiscal year ended December 31, 2022, the Company extended the lease terms for one of its manufacturing facilities. As a result of these lease modifications, the Company re-measured the lease liability and adjusted the ROU asset on the modification dates.