LEASE LIABILITIES AND RIGHT OF USE ASSETS (Tables)

6 Months Ended

Jun. 30, 2022

LEASE LIABILITIES AND RIGHT OF USE ASSETS

Schedule of finance leased assets included in property plant and equipment

The following summarizes the assets acquired under finance leases, included in property and equipment, net of disposals:

	June 30,		December 31,
(in thousands)	2022		2021
Computer equipment	$	234	$	256
Less: accumulated depreciation		(167)		(156)
Assets acquired under finance leases, net	$	67	$	100

Schedule of total remaining future minimum lease payments for finance leases

The following summarizes the total lease liabilities and remaining future minimum lease payments at June 30, 2022 (in thousands):

Year ending June 30,	Finance Leases		Operating Leases		Total
2022 (6 months remaining)	$	28	$	323	$	351
2023		40		528		568
2024		7		362		369
2025		—		219		219
2026		—		225		225
Total minimum lease payments		75		1,657		1,732
Less: present value discount		(4)		(162)		(166)
Total lease liabilities		71		1,495		1,566
Current portion of lease liabilities		48		511		559
Long term portion of lease liabilities	$	23	$	984	$	1,007

Schedule of lease expense

The following summarizes expenses associated with our finance and operating leases for the six months ended June 30, 2022 and 2021:

	Six months ended June 30,
(in thousands)	2022			2021
Finance lease expenses:
Depreciation expense	$	29	$	42
Interest on lease liabilities		2		4
Total Finance lease expense		31		46
Operating lease expense		323		128
Short-term lease and related expenses		79		104
Total lease expenses	$	433	$	278

Schedule of lease terms and discount rates

The following table provides information about the remaining lease terms and discount rates applied as of June 30, 2022 and 2021:

	June 30,
	2022	2021
Weighted average remaining lease term (years)
Operating Leases	3.40	2.52
Finance Leases	1.57	2.26
Weighted average discount rate (%)
Operating Leases	6.00	6.00
Finance Leases	6.00	6.00