LEASES (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2021 |
Dec. 31, 2020 |
| 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 September 30, 2021 and December 31, 2020 (stated in thousands):
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September 30, |
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December 31, |
|
|
2021 |
|
2020 |
Operating |
|
$ |
— |
|
$ |
124 |
Finance |
|
|
877 |
|
|
608 |
Total |
|
$ |
877 |
|
$ |
732 |
|
The consolidated balance sheets include the following amounts for ROU assets as of December 31, 2020 and 2019 (stated in thousands):
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|
|
|
|
|
|
|
|
2020 |
|
2019 |
Operating |
|
$ |
124 |
|
$ |
196 |
Finance |
|
|
608 |
|
|
466 |
Total |
|
$ |
732 |
|
$ |
662 |
|
| Schedule of components of lease cost |
The following are the components of lease cost for operating and finance leases (stated in thousands):
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Nine Months Ended September 30, |
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|
2021 |
|
2020 |
Lease cost: |
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|
|
|
|
Operating leases |
|
$ |
227 |
|
$ |
159 |
Finance leases: |
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|
|
|
|
|
Amortization of ROU assets |
|
|
372 |
|
|
398 |
Interest on lease liabilities |
|
|
69 |
|
|
60 |
Total finance lease cost |
|
|
441 |
|
|
458 |
Total lease cost |
|
$ |
668 |
|
$ |
617 |
|
The following are the components of lease cost for operating and finance leases (stated in thousands):
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Years Ended December 31, |
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2020 |
|
2019 |
Lease Cost: |
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|
|
|
|
Operating leases |
|
$ |
212 |
|
$ |
63 |
Finance leases: |
|
|
|
|
|
|
Amortization of ROU assets |
|
|
371 |
|
|
307 |
Interest on lease liabilities |
|
|
64 |
|
|
91 |
Total finance lease cost |
|
|
435 |
|
|
398 |
Total lease cost |
|
$ |
647 |
|
$ |
461 |
|
| 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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September 30, 2021 |
|
December 31, 2020 |
|
Weighted average remaining lease term (years): |
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|
|
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Operating leases |
|
— |
|
0.5 |
|
Finance leases |
|
3.1 |
|
3.3 |
|
Weighted average discount rate: |
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|
|
|
Operating leases |
|
— |
|
6.9 |
|
Finance leases |
|
8.1 |
|
7.9 |
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As of |
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|
December 31, 2020 |
|
Weighted average remaining lease term: |
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|
|
Operating leases |
|
0.5 |
years |
Finance leases |
|
3.3 |
years |
Weighted average discount rate: |
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|
|
Operating leases |
|
6.9 |
% |
Finance leases |
|
7.9 |
% |
|
| Schedule of future minimum lease payments and related lease liabilities of operating leases |
Future minimum lease payments and related lease liabilities as of September 30, 2021 were as follows (stated in thousands):
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|
|
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|
|
|
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Total |
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|
Operating |
|
Finance |
|
Lease |
|
|
Leases |
|
Leases |
|
Liabilities |
Remainder 2021 |
|
$ |
— |
|
$ |
167 |
|
$ |
167 |
2022 |
|
|
— |
|
|
620 |
|
|
620 |
2023 |
|
|
— |
|
|
306 |
|
|
306 |
2024 |
|
|
— |
|
|
239 |
|
|
239 |
2025 |
|
|
— |
|
|
148 |
|
|
148 |
Thereafter |
|
|
— |
|
|
23 |
|
|
23 |
Total lease payments |
|
|
— |
|
|
1,503 |
|
|
1,503 |
Less: imputed interest |
|
|
— |
|
|
(174) |
|
|
(174) |
Present value of lease liabilities |
|
|
— |
|
|
1,329 |
|
|
1,329 |
Less: current portion of lease liabilities |
|
|
— |
|
|
579 |
|
|
579 |
Noncurrent lease liabilities |
|
$ |
— |
|
$ |
750 |
|
$ |
750 |
|
Future minimum lease payments and related lease liabilities as of December 31, 2020 were as follows (stated in thousands):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
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|
Operating |
|
Finance |
|
Lease |
|
|
Leases |
|
Leases |
|
Liabilities |
2021 |
|
$ |
127 |
|
$ |
469 |
|
$ |
596 |
2022 |
|
|
— |
|
|
445 |
|
|
445 |
2023 |
|
|
— |
|
|
177 |
|
|
177 |
2024 |
|
|
— |
|
|
131 |
|
|
131 |
2025 |
|
|
— |
|
|
95 |
|
|
95 |
Thereafter |
|
|
— |
|
|
14 |
|
|
14 |
Total lease payments |
|
|
127 |
|
|
1,331 |
|
|
1,458 |
Less: imputed interest |
|
|
(3) |
|
|
(162) |
|
|
(165) |
Present value of lease liabilities |
|
$ |
124 |
|
$ |
1,169 |
|
$ |
1,293 |
Less: current portion of lease liabilities |
|
|
124 |
|
|
397 |
|
|
521 |
Noncurrent lease liabilities |
|
$ |
— |
|
$ |
772 |
|
$ |
772 |
|
| Schedule of future minimum lease payments and related lease liabilities of financing leases |
Future minimum lease payments and related lease liabilities as of September 30, 2021 were as follows (stated in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Operating |
|
Finance |
|
Lease |
|
|
Leases |
|
Leases |
|
Liabilities |
Remainder 2021 |
|
$ |
— |
|
$ |
167 |
|
$ |
167 |
2022 |
|
|
— |
|
|
620 |
|
|
620 |
2023 |
|
|
— |
|
|
306 |
|
|
306 |
2024 |
|
|
— |
|
|
239 |
|
|
239 |
2025 |
|
|
— |
|
|
148 |
|
|
148 |
Thereafter |
|
|
— |
|
|
23 |
|
|
23 |
Total lease payments |
|
|
— |
|
|
1,503 |
|
|
1,503 |
Less: imputed interest |
|
|
— |
|
|
(174) |
|
|
(174) |
Present value of lease liabilities |
|
|
— |
|
|
1,329 |
|
|
1,329 |
Less: current portion of lease liabilities |
|
|
— |
|
|
579 |
|
|
579 |
Noncurrent lease liabilities |
|
$ |
— |
|
$ |
750 |
|
$ |
750 |
|
|
|
|
|
|
|
Capital |
|
|
Lease |
|
|
Liabilities |
2019 |
|
$ |
274 |
2020 |
|
|
235 |
2021 |
|
|
153 |
2022 |
|
|
29 |
2023 |
|
|
— |
Thereafter |
|
|
— |
Total lease payments |
|
|
691 |
Less: imputed interest |
|
|
(104) |
Present value of lease liabilities |
|
|
587 |
Less: current portion of lease liabilities |
|
|
(206) |
Noncurrent lease liabilities |
|
$ |
381 |
|