Quarterly report pursuant to Section 13 or 15(d)

LEASES

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LEASES
3 Months Ended
Mar. 31, 2022
Leases  
LEASES

NOTE 17 - LEASES

 

The Company has operating leases for office space and office equipment. The Company’s leases have remaining lease terms of one year to seven years, some of which include options to extend the lease term for up to five years.

 

The Company has lease arrangements which are classified as short-term in nature. These leases meet the criteria for operating lease classification. Lease costs associated with the short-term leases are included in selling, general and administrative expenses on the Company’s condensed consolidated statements of operations during the three-months ended March 31, 2021 and 2022.

 

Components of lease expense are as follows:

 

   

Three Months Ended

March 31,

 
    2021     2022  
Short term lease cost:   $ 178     $ 131  

 

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:

 

    2021     2022  
   

Three Months Ended

March 31,

 
    2021     2022  
Non-cash activity:                
Right-of-use assets obtained in exchange for lease obligations   $ 1,053     $ 537  

 

Weighted-average remaining lease term and discount rate for our operating leases are as follows:

 

    March 31, 2022  
       
Weighted-average remaining lease term (in years)     3.5  
Weighted-average discount rate     4.5 %

 

Scheduled maturities of operating lease liabilities outstanding as of March 31, 2022 are as follows:

 

Year ending December 31:      
April - December 2022   $ 2,398  
2023     2,729  
2024     1,973  
2025     1,795  
2026     828  
Thereafter     1,180  
Total lease payments     10,903  
Less: Imputed interest     (1,057 )
Present value of lease liabilities   $ 9,846