We lease printing, computer, other equipment and office space in the United States and Canada. The leases remaining terms as of December 31, 2021 range from less than one year to 4.93 years.
Certain equipment and office lease agreements include provisions for periodic adjustments to rates and charges. The rates and charges are adjusted based on actual usage or actual costs for internet, common area maintenance, taxes or insurance, as determined by the lessor and are considered variable lease costs.
The components of lease expense for the years ended December 31, 2021, 2020 and 2019 included (in thousands):
| | 2021 | | | 2020 | | | 2019 | |
Operating leases | | $ | 669 | | | $ | 600 | | | $ | 781 | |
Finance leases: | | | | | | | | | | | | |
Asset amortization | | | 489 | | | | 355 | | | | 252 | |
Interest on lease liabilities | | | 34 | | | | 37 | | | | 39 | |
Variable lease cost | | | 99 | | | | 62 | | | | 86 | |
Short-term lease cost | | | 59 | | | | 42 | | | | 42 | |
Sublease income | | | (81 | ) | | | -- | | | | -- | |
Total net lease cost | | $ | 1,269 | | | $ | 1,096 | | | $ | 1,200 | |
In 2020, we adjusted the useful life of the operating right of use assts associated with our Atlanta, Georgia and Markham, Ontario office leases based on the expectation that we will vacate the office space before the end of the lease term.
Supplemental balance sheet information related to leases (in thousands):
| | December 31, 2021 | | | December 31, 2020 | |
Operating leases: | | | | | | | | |
Operating ROU assets | | $ | 975 | | | $ | 1,308 | |
| | | | | | | | |
Current operating lease liabilities | | | 493 | | | | 461 | |
Noncurrent operating lease liabilities | | | 820 | | | | 896 | |
Total operating lease liabilities | | $ | 1,313 | | | $ | 1,357 | |
| | December 31, 2021 | | | December 31, 2020 | |
Finance leases: | | | | | | | | |
Furniture and equipment | | $ | 1,042 | | | $ | 1,014 | |
Computer Equipment | | | 659 | | | | 662 | |
Computer Software | | | 207 | | | | 207 | |
Property and equipment under finance lease, gross | | | 1,908 | | | | 1,883 | |
Less accumulated amortization | | | (1,074 | ) | | | (605 | ) |
Property and equipment under finance lease, net | | $ | 834 | | | $ | 1,278 | |
| | | | | | | | |
Current obligations of finance leases | | $ | 470 | | | $ | 493 | |
Noncurrent obligations of finance leases | | | 348 | | | | 778 | |
Total finance lease liabilities | | $ | 818 | | | $ | 1,271 | |
| | | | | | | | |
Weighted average remaining lease term (in years): | | | | | | | | |
Operating leases | | | 2.80 | | | | 3.68 | |
Finance leases | | | 1.93 | | | | 2.69 | |
| | | | | | | | |
Weighted average discount rate: | | | | | | | | |
Operating leases | | | 3.85 | % | | | 4.40 | % |
Finance leases | | | 3.42 | % | | | 3.38 | % |
Supplemental cash flow and other information related to leases were as follows (in thousands):
| | 2021 | | | 2020 | | | 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | |
Operating cash flows from operating leases | | $ | 680 | | | $ | 596 | | | $ | 789 | |
Operating cash flows from finance leases | | | 34 | | | | 36 | | | | 38 | |
Financing cash flows from finance leases | | | 493 | | | | 332 | | | | 229 | |
| | | | | | | | | | | | |
ROU assets obtained in exchange for operating lease liabilities | | | 560 | | | | 276 | | | | 16 | |
ROU assets obtained in exchange for finance lease liabilities | | | 40 | | | | 817 | | | | 192 | |
Undiscounted payments under non-cancelable finance and operating leases at December 31, 2021 were as follows (in thousands):
| | Finance Leases | | | Operating Leases | |
2022 | | $ | 488 | | | $ | 531 | |
2023 | | | 315 | | | | 513 | |
2024 | | | 23 | | | | 227 | |
2025 | | | 10 | | | | 118 | |
2026 | | | 10 | | | | -- | |
Thereafter | | | -- | | | | -- | |
Total minimum lease payments | | | 846 | | | | 1,389 | |
Less: Amount representing interest | | | (28 | ) | | | (76 | ) |
Present value of minimum lease payments | | | 818 | | | | 1,313 | |
Current portion | | | (470 | ) | | | (493 | ) |
Lease obligations, net of current portion | | $ | 348 | | | $ | 820 | |
Undiscounted cash receipts due under the sublease agreement at December 31, 2021 are as follows (in thousands):
| | Operating Lease | |
2022 | | $ | 118 | |
2023 | | | 122 | |
2024 | | | 127 | |
2025 | | | 65 | |
Total minimum lease receipts | | $ | 432 | |
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