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Operating Leases (Tables)
6 Months Ended
Jun. 30, 2023
Operating Leases  
Schedule of operating lease expense recognized in financial statements

The table below summarizes the amounts recognized in the condensed consolidated financial statements related to operating leases for the periods presented (in thousands):

For the Three Months Ended

For the Six Months Ended

June 30, 

June 30, 

    

2023

    

2022

    

2023

    

2022

Rent expense for long-term operating leases

$

312

$

337

$

621

$

713

Rent expense for short-term operating leases

 

83

 

144

178

261

Total rent expense

$

395

$

481

$

799

$

974

Schedule of net present value of operating lease liability

The following table presents the maturity profile of the Company’s operating lease liabilities based on the contractual undiscounted payments with a reconciliation of these amounts to the remaining net present value of the operating lease liability reported in the condensed consolidated balance sheet as of June 30, 2023 (in thousands):

Year

    

Amount

2023

$

513

2024

 

932

2025

 

956

2026

 

970

2027

 

926

2028 and thereafter

 

1,553

Total lease payments

 

5,850

Less: Interest

 

(1,440)

Net present value of lease liabilities

$

4,410

 

Current portion

$

582

Long-term portion

 

3,828

Total

$

4,410

Schedule of weighted average remaining lease terms and discount rates

The weighted average remaining lease terms and discount rates for all of the Company’s operating leases as of June 30, 2023 were as follows:

Weighted-average lease term remaining (in months)

    

47

Weighted-average discount rate

 

9.13

%