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LEASES
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES Leases
The Company adopted ASC 842 and its related interpretations effective January 1, 2021, using the optional transition approach available under ASU 2018-11, Leases, under which the new lease standard is applied at the adoption date recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if applicable, in the period of adoption and prior periods are not restated.
The Company's leases consist primarily of real estate leases for office space, which are classified as operating leases. Lease expense for the Company's operating leases is recognized on a straight-line basis over the term of the lease. The Company did not have any finance leases at January 1, 2021 or December 31, 2021.
As of December 31, 2021, ROU assets and lease liabilities consisted of the following:
(in thousands, except weighted-average data)Financial Statement ClassificationDecember 31, 2021
Operating Lease ROU Assets:
Operating lease ROU assetsOther noncurrent assets$6,262 
Operating Lease Obligations:
Operating lease obligations - currentAccounts payable and accrued expenses$1,723 
Operating lease obligations - noncurrentOther noncurrent liabilities5,596 
Total operating lease obligations$7,319 
Weighted-average remaining lease term, in years4.9
Weighted-average discount rate6.88 %
The Components of lease expense for the year ended December 31, 2021 were as follows:
(in thousands)Financial Statement ClassificationYear Ended
December 31, 2021
Operating lease expense (1)
Selling, general and administrative$1,841 
(1) Excludes short-term lease expense which was immaterial for the year ended December 31, 2021.
Cash paid for amounts included in the measurement of lease liabilities was as follows:
(in thousands)Financial Statement ClassificationYear Ended
December 31, 2021
Operating cash flows from operating leasesOperating activities$1,803 
Lease Commitments

Future minimum lease payments for the Company's real estate operating leases at December 31, 2021 were as follows:
(in thousands)
Year Ending December 31,Amount Due
2022$2,136 
20231,682 
20241,367 
20251,205 
20261,298 
Thereafter958 
Total future minimum lease payments8,646 
Amount representing interest(1,327)
Total future minimum lease payments, net of interest$7,319 

As of December 31, 2021, the Company had not committed to any additional future obligations for leases that have not yet commenced.
Future minimum lease commitments under non-cancelable operating leases with initial or remaining terms in excess of one year were as follows at December 31, 2020:
(in thousands)
Year Ending December 31,Amount Due
2021$1,356 
20221,307 
20231,356 
20241,394 
20251,367 
Thereafter2,388 
Total$9,168 
Total rent expense for the years ended December 31, 2020 and 2019 was $2.5 million and $2.0 million, respectively, which is included in selling, general and administrative expenses in the Company's Consolidated Statements of Operations.