Note 5 - Leases

3 Months Ended

Mar. 31, 2022

Notes To Financial Statements

LEASES

NOTE 5—LEASES

The Company has various financing leases for mining equipment. These leases are generally for terms up to 36 months and expire through 2025. We have one operating lease for office space that will expire mid-2022. Operating lease expense for each of the three-month periods ended March 31, 2022 and March 31, 2021 was $20 thousand.

Right-of-use assets and lease liabilities are determined as the present value of the lease payments, discounted using either the implicit interest rate in the lease or our estimated incremental borrowing rate based on similar terms, payments and the economic environment where the leased asset is located. Below is a summary of our leases:

(In thousands)	Classification	March 31, 2022		December 31, 2021
Right-of-use assets
Financing	Financing lease right-of-use assets, net	$	12,296	$	9,128
Operating	Other assets		6		25
Total right-of-use assets		$	12,302	$	9,153
Current lease liabilities
Financing	Current portion of financing lease obligations	$	4,081	$	3,461
Operating	Other current liabilities		6		25
Non-current lease liabilities
Financing	Long-term portion of financing lease obligations	$	5,968	$	4,599
Total lease liabilities		$	10,055	$	8,085