LEASES (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2022 |
Dec. 31, 2021 |
| 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, 2022 and December 31, 2021 (in thousands):
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|
|
|
|
|
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September 30, |
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|
December 31, |
|
|
2022 |
|
2021 |
Operating |
|
$ |
725 |
|
$ |
956 |
Finance |
|
|
469 |
|
|
743 |
Total |
|
$ |
1,194 |
|
$ |
1,699 |
|
The consolidated balance sheets include the following amounts for ROU assets as of December 31, 2021 and 2020 (stated in thousands):
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|
|
|
|
|
|
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December 31, |
|
|
2021 |
|
2020 |
Operating |
|
$ |
956 |
|
$ |
124 |
Finance |
|
|
743 |
|
|
608 |
Total |
|
$ |
1,699 |
|
$ |
732 |
|
| 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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Nine Months Ended September 30, |
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|
2022 |
|
2021 |
Lease cost: |
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|
|
|
|
Operating leases: |
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|
|
|
|
|
Amortization of ROU assets |
|
$ |
231 |
|
$ |
227 |
Interest on lease liabilities |
|
|
68 |
|
|
— |
Total operating lease cost |
|
|
299 |
|
|
227 |
Finance leases: |
|
|
|
|
|
|
Amortization of ROU assets |
|
|
353 |
|
|
372 |
Interest on lease liabilities |
|
|
64 |
|
|
69 |
Total finance lease cost |
|
|
417 |
|
|
441 |
Total lease cost |
|
$ |
716 |
|
$ |
668 |
|
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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|
2021 |
|
2020 |
Lease cost: |
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|
|
|
|
|
Operating leases: |
|
|
|
|
|
|
Amortization of ROU assets |
|
$ |
124 |
|
$ |
212 |
Interest on lease liabilities |
|
|
— |
|
|
15 |
Total operating lease cost |
|
|
124 |
|
|
227 |
Finance leases: |
|
|
|
|
|
|
Amortization of ROU assets |
|
|
381 |
|
|
371 |
Interest on lease liabilities |
|
|
67 |
|
|
64 |
Total finance lease cost |
|
|
448 |
|
|
435 |
Total lease cost |
|
$ |
572 |
|
$ |
662 |
|
| 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, 2022 |
|
September 30, 2021 |
|
Weighted average remaining lease term (years): |
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|
|
|
|
Operating leases |
|
3.0 |
|
— |
|
Finance leases |
|
2.6 |
|
3.1 |
|
Weighted average discount rate (%): |
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|
|
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Operating leases |
|
10.0 |
|
— |
|
Finance leases |
|
7.8 |
|
8.1 |
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As of |
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As of |
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|
December 31, 2021 |
|
December 31, 2020 |
|
Weighted average remaining lease term (years): |
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|
|
|
|
Operating leases |
|
3.8 |
|
0.5 |
|
Finance leases |
|
2.9 |
|
3.3 |
|
Weighted average discount rate: |
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|
|
|
|
Operating leases |
|
10.0 |
|
6.9 |
|
Finance leases |
|
8.0 |
|
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 December 31, 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 |
2022 |
|
$ |
295 |
|
$ |
623 |
|
$ |
918 |
2023 |
|
|
303 |
|
|
306 |
|
|
609 |
2024 |
|
|
328 |
|
|
239 |
|
|
567 |
2025 |
|
|
278 |
|
|
148 |
|
|
426 |
2026 |
|
|
— |
|
|
23 |
|
|
23 |
Thereafter |
|
|
— |
|
|
— |
|
|
— |
Total lease payments |
|
|
1,204 |
|
|
1,339 |
|
|
2,543 |
Less: imputed interest |
|
|
(212) |
|
|
(147) |
|
|
(359) |
Present value of lease liabilities |
|
|
992 |
|
|
1,192 |
|
|
2,184 |
Less: current portion of lease liabilities |
|
|
153 |
|
|
549 |
|
|
702 |
Noncurrent lease liabilities |
|
$ |
839 |
|
$ |
643 |
|
$ |
1,482 |
|
| 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, 2022 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total |
|
|
Operating |
|
Finance |
|
Lease |
|
|
Leases |
|
Leases |
|
Liabilities |
Remainder of 2022 |
|
$ |
84 |
|
$ |
165 |
|
$ |
249 |
2023 |
|
|
303 |
|
|
360 |
|
|
663 |
2024 |
|
|
328 |
|
|
268 |
|
|
596 |
2025 |
|
|
279 |
|
|
152 |
|
|
431 |
2026 |
|
|
— |
|
|
23 |
|
|
23 |
Total lease payments |
|
|
994 |
|
|
968 |
|
|
1,962 |
Less: imputed interest |
|
|
(145) |
|
|
(93) |
|
|
(238) |
Present value of lease liabilities |
|
|
849 |
|
|
875 |
|
|
1,724 |
Less: current portion of lease liabilities |
|
|
231 |
|
|
391 |
|
|
622 |
Noncurrent lease liabilities |
|
$ |
618 |
|
$ |
484 |
|
$ |
1,102 |
|
Future minimum lease payments and related lease liabilities as of December 31, 2021 were as follows (stated in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Operating |
|
Finance |
|
Lease |
|
|
Leases |
|
Leases |
|
Liabilities |
2022 |
|
$ |
295 |
|
$ |
623 |
|
$ |
918 |
2023 |
|
|
303 |
|
|
306 |
|
|
609 |
2024 |
|
|
328 |
|
|
239 |
|
|
567 |
2025 |
|
|
278 |
|
|
148 |
|
|
426 |
2026 |
|
|
— |
|
|
23 |
|
|
23 |
Thereafter |
|
|
— |
|
|
— |
|
|
— |
Total lease payments |
|
|
1,204 |
|
|
1,339 |
|
|
2,543 |
Less: imputed interest |
|
|
(212) |
|
|
(147) |
|
|
(359) |
Present value of lease liabilities |
|
|
992 |
|
|
1,192 |
|
|
2,184 |
Less: current portion of lease liabilities |
|
|
153 |
|
|
549 |
|
|
702 |
Noncurrent lease liabilities |
|
$ |
839 |
|
$ |
643 |
|
$ |
1,482 |
|