NOTE
4
LEASES
The
components of lease cost for the Company’s leases were as follows (in thousands):
SCHEDULE OF COMPONENTS OF LEASE COST
|
|
2021 |
|
|
2020 |
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
Operating Leases: |
|
|
|
|
|
|
|
|
Lease
cost |
|
$ |
499 |
|
|
$ |
456 |
|
|
|
|
|
|
|
|
|
|
Finance Leases: |
|
|
|
|
|
|
|
|
Amortization of ROU assets |
|
|
220 |
|
|
|
220 |
|
Interest
on lease liability |
|
|
97 |
|
|
|
143 |
|
Finance
leases cost |
|
|
317 |
|
|
|
363 |
|
|
|
|
|
|
|
|
|
|
Short-term lease rent
expense |
|
|
13 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
Total lease cost |
|
$ |
829 |
|
|
$ |
834 |
|
The
weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2021 were:
SCHEDULE OF WEIGHTED AVERAGE LEASE
|
|
Operating
Leases |
|
|
Finance
Leases |
|
Weighted average remaining lease
terms (years) |
|
|
6.9 |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
Weighted average discount rate |
|
|
7.6 |
% |
|
|
6.2 |
% |
The
weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2020 was:
|
|
Operating Leases |
|
|
Finance Leases |
|
Weighted average remaining lease
terms (years) |
|
|
8.0 |
|
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
Weighted average discount rate |
|
|
8.0 |
% |
|
|
7.3 |
% |
The
following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2021 to the operating and
finance lease liabilities recorded on the balance sheet (in thousands):
SCHEDULE OF OPERATING AND FINANCE LEASE LIABILITY MATURITY
|
|
Operating
Leases |
|
|
Finance
Leases |
|
2022 |
|
$ |
576 |
|
|
$ |
398 |
|
2023 |
|
|
560 |
|
|
|
314 |
|
2024 |
|
|
419 |
|
|
|
310 |
|
2025 |
|
|
327 |
|
|
|
299 |
|
2026 |
|
|
305 |
|
|
|
82 |
|
2027 and thereafter |
|
|
955 |
|
|
|
- |
|
Total undiscounted lease payments |
|
|
3,142 |
|
|
|
1,403 |
|
Less: Imputed interest |
|
|
(707 |
) |
|
|
(186 |
) |
Present value of lease
payments |
|
$ |
2,435 |
|
|
$ |
1,217 |
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease obligations |
|
$ |
406 |
|
|
$ |
— |
|
Long-term operating lease obligations, less
current portion |
|
$ |
2,029 |
|
|
$ |
— |
|
Current portion of finance lease obligations |
|
$ |
— |
|
|
$ |
333 |
|
Long-term finance lease obligations, less current
portion |
|
$ |
— |
|
|
$ |
884 |
|
Supplemental
cash flow and other information related to our leases were as follows (in thousands):
SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED TO LEASES
|
|
2021 |
|
|
2020 |
|
|
|
Twelve Months Ended December
31, |
|
|
|
2021 |
|
|
2020 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
Operating cash
flow from operating leases |
|
$ |
439 |
|
|
$ |
442 |
|
Operating cash flow from
finance leases |
|
$ |
97 |
|
|
$ |
143 |
|
Financing cash flow from
finance leases |
|
$ |
334 |
|
|
$ |
615 |
|
|
|
|
|
|
|
|
|
|
ROU assets obtained in exchange for lease obligations
for: |
|
|
|
|
|
|
|
|
Finance liabilities |
|
$ |
577 |
|
|
$ |
874 |
|
Operating liabilities |
|
$ |
491 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Reduction to ROU assets resulitng from reassessment
for |
|
|
|
|
|
|
|
|
Finance liabilities |
|
$ |
(364 |
) |
|
$ |
— |
|
|