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LEASES | 12. LEASES The Company records an ROU asset and lease liability for substantially all leases for which it is a lessee, in accordance with ASU 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for the leases on a straight-line basis over the lease term. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration. The Company has various operating and finance leases for facilities and equipment. Facilities leases provide office, laboratory, warehouse, or land that the Company uses to conduct its operations. Facilities leases range in duration from to ten years, with either for additional terms as the initial lease term expires, or purchase options. Facilities leases are considered as either operating or financing leases.Equipment leases provide for office equipment, laboratory equipment or services the Company uses to conduct its operations. Equipment leases range in duration from 30 to 60 months, with either renewals, additional terms as the initial lease term expires, or purchase options.ROU lease assets and lease liabilities that are reported in the Company’s condensed consolidated balance sheets are as follows:
During the three and six months ended March 31, 2022, the Company had operating lease amortization of $1,486 and $2,568, respectively, and had finance lease amortization of $6 and $12, respectively. Finance lease interest recorded in the three and six months ended March 31, 2022 was $0 and $1, respectively. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense related to the Company’s leases for the three and six months ended March 31, 2022 and March 31, 2021 were:
The Company serves as lessor to a lessee in five facilities. The gross rental income and underlying lease expense are presented net in the Company’s condensed consolidated statement of operations. Supplemental cash flow information related to leases was as follows:
The weighted average remaining lease term and discount rate for the Company’s operating and finance leases as of March 31, 2022 and March 31, 2021 were:
Lease duration was determined utilizing renewal options that the Company is reasonably certain to execute. As of March 31, 2022, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows:
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