|
NOTE
4 LEASES
The
components of lease cost for the Company’s leases were as follows (in thousands):
SCHEDULE OF COMPONENTS OF LEASE COST
| |
|
|
|
|
|
|
|
|
| |
|
Twelve Months Ended
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Operating Leases: |
|
|
|
|
|
|
|
|
| Lease cost |
|
$ |
627 |
|
|
$ |
499 |
|
| |
|
|
|
|
|
|
|
|
| Finance Leases: |
|
|
|
|
|
|
|
|
| Amortization of ROU assets |
|
|
176 |
|
|
|
220 |
|
| Interest on lease liability |
|
|
37 |
|
|
|
97 |
|
| Finance leases |
|
|
213 |
|
|
|
317 |
|
| |
|
|
|
|
|
|
|
|
| Short-term lease rent expense |
|
|
7 |
|
|
|
13 |
|
| |
|
|
|
|
|
|
|
|
| Total lease cost |
|
$ |
847 |
|
|
$ |
829 |
|
The
weighted average remaining lease term and the weighted average discount rate for operating and finance leases at December 31, 2022 were:
SCHEDULE OF WEIGHTED AVERAGE LEASE
| |
|
Operating Leases |
|
|
Finance Leases |
|
| Weighted average remaining lease terms (years) |
|
|
6.2 |
|
|
|
3.0 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate |
|
|
7.8 |
% |
|
|
5.3 |
% |
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
following table reconciles the undiscounted cash flows for the operating and finance leases at December 31, 2022 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 |
|
| 2023 |
|
$ |
556 |
|
|
$ |
174 |
|
| 2024 |
|
|
416 |
|
|
|
170 |
|
| 2025 |
|
|
325 |
|
|
|
149 |
|
| 2026 |
|
|
301 |
|
|
|
18 |
|
| 2027 |
|
|
286 |
|
|
|
— |
|
| 2028
and thereafter |
|
|
656 |
|
|
|
— |
|
| Total undiscounted lease
payments |
|
|
2,540 |
|
|
|
511 |
|
| Less:
Imputed interest |
|
|
(540 |
) |
|
|
(39 |
) |
| Present
value of lease payments |
|
$ |
2,000 |
|
|
$ |
472 |
|
| |
|
|
|
|
|
|
|
|
| Current portion of operating
lease obligations |
|
$ |
416 |
|
|
$ |
— |
|
| Long-term operating lease
obligations, less current portion |
|
$ |
1,584 |
|
|
$ |
— |
|
| Current portion of finance
lease obligations |
|
$ |
—
|
|
|
$ |
154 |
|
| Long-term finance lease obligations,
less current portion |
|
$ |
—
|
|
|
$ |
318 |
|
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
| |
|
|
|
|
|
|
|
|
| |
|
Twelve Months Ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
| Operating cash flow from operating leases |
|
$ |
573 |
|
|
$ |
439 |
|
| Operating cash flow from finance leases |
|
$ |
37 |
|
|
$ |
97 |
|
| Financing cash flow from finance leases |
|
$ |
860 |
|
|
$ |
334 |
|
| |
|
|
|
|
|
|
|
|
| ROU assets obtained in exchange for lease obligations for: |
|
|
|
|
|
|
|
|
| Finance liabilities |
|
$ |
147 |
|
|
$ |
577 |
|
| Operating liabilities |
|
$ |
— |
|
|
$ |
491 |
|
| |
|
|
|
|
|
|
|
|
| Reduction to ROU assets resulitng from reassessment for |
|
|
|
|
|
|
|
|
| Finance liabilities |
|
$ |
— |
|
|
$ |
(364 |
) |
|