Annual report pursuant to Section 13 and 15(d)

LEASES

v3.22.1
LEASES
12 Months Ended
Dec. 31, 2021
Leases  
LEASES

NOTE 4

LEASES

 

The components of lease cost for the Company’s leases were as follows (in thousands):

 

    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:

 

    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):

 

    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):

 

    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 )   $