|
13.Leases
The following table provides the components of lease cost recognized in the condensed consolidated statements of operations and comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
Operating lease cost |
|
$ |
48 |
|
$ |
303 |
|
$ |
531 |
|
$ |
942 |
Finance lease cost: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of lease assets |
|
|
257 |
|
|
249 |
|
|
771 |
|
|
715 |
Interest on lease liabilities |
|
|
112 |
|
|
125 |
|
|
351 |
|
|
367 |
Finance lease costs |
|
|
369 |
|
|
374 |
|
|
1,122 |
|
|
1,082 |
Total lease cost |
|
$ |
417 |
|
$ |
677 |
|
$ |
1,653 |
|
$ |
2,024 |
The following table provides the weighted average discount rates and weighted average remaining lease terms for the Company’s leases:
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
Weighted average discount rate |
|
|
8.0% |
|
|
8.0% |
Weighted average remaining lease term |
|
|
5.24 years |
|
|
5.98 years |
As a result of the Taunton Facility Transactions, the Company derecognized an ROU asset balance of $3,940 and a lease liability of $4,454. The Company also recognized land and building of $6,266 and $6,268, respectively, in connection with these transactions. See Note 12 — Massachusetts Lease Liability for additional information.
The maturity of the contractual undiscounted lease liabilities as of September 30, 2022 is as follows:
|
|
|
|
|
|
|
Year ended December 31, |
|
Finance |
|
Operating |
Remainder of 2022 |
|
$ |
358 |
|
$ |
49 |
2023 |
|
|
1,452 |
|
|
196 |
2024 |
|
|
1,489 |
|
|
183 |
2025 |
|
|
1,212 |
|
|
168 |
2026 |
|
|
926 |
|
|
173 |
Thereafter |
|
|
1,295 |
|
|
316 |
Total undiscounted lease liabilities |
|
|
6,732 |
|
|
1,085 |
Interest on lease liabilities |
|
|
(1,162) |
|
|
(217) |
Total present value of minimum lease payments |
|
|
5,570 |
|
|
868 |
Lease liability - current portion |
|
|
(1,045) |
|
|
(133) |
Lease liability |
|
$ |
4,525 |
|
$ |
735 |
|