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Leases
9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases

8. LEASES

The Company leases office space, vehicles and equipment. The Company’s recognized lease costs include:

 

 

Three Months Ended
September 30,

 

 

For the Nine Months
Ended September 30,

 

(in thousands)

2021

 

 

2020

 

 

2021

 

 

2020

 

Income Statement

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

$

151

 

 

$

151

 

 

$

454

 

 

$

453

 

Lease income related to operating leases(2)

 

96

 

 

 

 

 

 

128

 

 

 

 

 

(1)
Operating lease cost is recorded within general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss).
(2)
Lease income related to operating leases is recorded within sales in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

 

 

 

For the Nine Months
Ended September 30,

 

 

2021

 

 

2020

 

Weighted-average remaining lease term (months)

 

7.5

 

 

 

19.3

 

Weighted-average discount rate

 

7.6

 

 

 

7.6

 

 

The Company’s variable lease costs and short-term lease costs were inconsequential.

Maturities of lease payments under non-cancellable leases were as follows:

 

(in thousands)

 

September 30, 2021

 

Remainder of 2021

 

$

169

 

2022

 

 

240

 

2023

 

 

1

 

Total lease payments

 

 

410

 

Less Imputed Interest

 

 

(10

)

Present value of lease liabilities

 

$

400