LEASES (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
| LEASES |
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|
| Schedule of right of use assets |
The condensed consolidated balance sheets include the following amounts for right of use (“ROU”) assets as of June 30, 2023 and December 31, 2022 (in thousands):
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|
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June 30, |
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|
December 31, |
|
|
2023 |
|
2022 |
Operating |
|
$ |
561 |
|
$ |
672 |
Finance |
|
|
230 |
|
|
382 |
Total |
|
$ |
791 |
|
$ |
1,054 |
|
The consolidated balance sheets include the following amounts for ROU assets as of December 31, 2022 and 2021 (stated in thousands):
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|
|
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December 31, |
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December 31, |
|
|
2022 |
|
2021 |
Operating |
|
$ |
672 |
|
$ |
956 |
Finance |
|
|
382 |
|
|
743 |
Total |
|
$ |
1,054 |
|
$ |
1,699 |
|
| Schedule of components of lease cost |
The following are the components of lease cost for operating and finance leases (in thousands):
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Six Months Ended June 30, |
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2023 |
|
2022 |
Lease cost: |
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|
|
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Operating leases: |
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|
|
|
|
|
Amortization of ROU assets |
|
$ |
151 |
|
$ |
154 |
Interest on lease liabilities |
|
|
37 |
|
|
46 |
Total operating lease cost |
|
|
188 |
|
|
200 |
Finance leases: |
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|
|
|
|
|
Amortization of ROU assets |
|
|
152 |
|
|
291 |
Interest on lease liabilities |
|
|
25 |
|
|
46 |
Total finance lease cost |
|
|
177 |
|
|
337 |
Total lease cost |
|
$ |
365 |
|
$ |
537 |
|
The following are the components of lease cost for operating and finance leases (stated in thousands):
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|
|
|
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Year Ended December 31, |
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|
2022 |
|
2021 |
Lease cost: |
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|
|
|
|
|
Operating leases: |
|
|
|
|
|
|
Amortization of ROU assets |
|
$ |
309 |
|
$ |
124 |
Interest on lease liabilities |
|
|
89 |
|
|
— |
Total operating lease cost |
|
|
398 |
|
|
124 |
Finance leases: |
|
|
|
|
|
|
Amortization of ROU assets |
|
|
449 |
|
|
381 |
Interest on lease liabilities |
|
|
81 |
|
|
67 |
Total finance lease cost |
|
|
530 |
|
|
448 |
Total lease cost |
|
$ |
928 |
|
$ |
572 |
|
| Schedule of weighted average lease terms and discount rates for operating and finance leases |
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As of |
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As of |
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|
June 30, 2023 |
|
June 30, 2022 |
|
Weighted average remaining lease term (years): |
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|
|
|
|
Operating leases |
|
2.3 |
|
3.3 |
|
Finance leases |
|
2.2 |
|
2.7 |
|
Weighted average discount rate (%): |
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|
|
|
Operating leases |
|
10.0 |
|
10.0 |
|
Finance leases |
|
7.9 |
|
7.8 |
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As of |
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As of |
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|
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December 31, 2022 |
|
December 31, 2021 |
|
Weighted average remaining lease term (years): |
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|
|
|
Operating leases |
|
1.0 |
|
3.8 |
|
Finance leases |
|
1.4 |
|
2.9 |
|
Weighted average discount rate (%): |
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|
|
|
|
Operating leases |
|
10.0 |
|
10.0 |
|
Finance leases |
|
7.6 |
|
8.0 |
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|
| Schedule of future minimum lease payments and related lease liabilities of operating leases |
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Future minimum lease payments and related lease liabilities as of December 31, 2022 were as follows (stated in thousands):
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Total |
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|
Operating |
|
Finance |
|
Lease |
|
|
Leases |
|
Leases |
|
Liabilities |
2023 |
|
$ |
303 |
|
$ |
360 |
|
$ |
663 |
2024 |
|
|
328 |
|
|
268 |
|
|
596 |
2025 |
|
|
279 |
|
|
153 |
|
|
432 |
2026 |
|
|
— |
|
|
23 |
|
|
23 |
Total lease payments |
|
|
910 |
|
|
804 |
|
|
1,714 |
Less: imputed interest |
|
|
(123) |
|
|
(77) |
|
|
(200) |
Present value of lease liabilities |
|
|
787 |
|
|
727 |
|
|
1,514 |
Less: current portion of lease liabilities |
|
|
234 |
|
|
316 |
|
|
550 |
Noncurrent lease liabilities |
|
$ |
553 |
|
$ |
411 |
|
$ |
964 |
|
| Schedule of future minimum lease payments and related lease liabilities of financing leases |
Future minimum lease payments and related lease liabilities as of June 30, 2023 were as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total |
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|
Operating |
|
Finance |
|
Lease |
|
|
Leases |
|
Leases |
|
Liabilities |
Remainder of 2023 |
|
$ |
162 |
|
$ |
162 |
|
$ |
324 |
2024 |
|
|
328 |
|
|
268 |
|
|
596 |
2025 |
|
|
279 |
|
|
153 |
|
|
432 |
2026 |
|
|
— |
|
|
23 |
|
|
23 |
Total lease payments |
|
|
769 |
|
|
606 |
|
|
1,375 |
Less: imputed interest |
|
|
(88) |
|
|
(51) |
|
|
(139) |
Present value of lease liabilities |
|
|
681 |
|
|
555 |
|
|
1,236 |
Less: current portion of lease liabilities |
|
|
261 |
|
|
281 |
|
|
542 |
Noncurrent lease liabilities |
|
$ |
420 |
|
$ |
274 |
|
$ |
694 |
|
Future minimum lease payments and related lease liabilities as of December 31, 2022 were as follows (stated in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total |
|
|
Operating |
|
Finance |
|
Lease |
|
|
Leases |
|
Leases |
|
Liabilities |
2023 |
|
$ |
303 |
|
$ |
360 |
|
$ |
663 |
2024 |
|
|
328 |
|
|
268 |
|
|
596 |
2025 |
|
|
279 |
|
|
153 |
|
|
432 |
2026 |
|
|
— |
|
|
23 |
|
|
23 |
Total lease payments |
|
|
910 |
|
|
804 |
|
|
1,714 |
Less: imputed interest |
|
|
(123) |
|
|
(77) |
|
|
(200) |
Present value of lease liabilities |
|
|
787 |
|
|
727 |
|
|
1,514 |
Less: current portion of lease liabilities |
|
|
234 |
|
|
316 |
|
|
550 |
Noncurrent lease liabilities |
|
$ |
553 |
|
$ |
411 |
|
$ |
964 |
|