Annual report pursuant to Section 13 and 15(d)

Leases

v3.23.1
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases LeasesThe Company leases its office and manufacturing facilities under five non-cancellable operating leases, including options to extend, which expire in 2023 to 2032. The agreements include a provision for renewal at the then prevailing market rate for terms specified in each lease. During the year ended December 31, 2022 the manufacturing facility operating lease was re-measured in accordance with ASC 842, Leases, as management's intent is to exercise the renewal option at the end of the lease term due to the significant leasehold improvement investments made to the facility.
The manufacturing facility operating lease at Campbell (McGlincy) expired on January 31, 2023, and was renewed on a month-to-month lease terminating on March 31, 2023.
Total ROU assets and lease liabilities are as follows:
December 31,
2022 2021
(In thousands)
Right-of-use assets:
Net book value (Other assets) $ 13,545  $ 11,073 
Operating lease liabilities:
Current (Accrued expense and other current liabilities) $ 2,411  $ 2,222 
Noncurrent (Other noncurrent liabilities) 12,201  9,143 
14,612  11,365 
Financing lease liabilities:
Current (Accrued expense and other current liabilities) $ 35  $ 33 
Noncurrent (Other noncurrent liabilities) 5  41 
$ 40  $ 74 
Total lease liabilities $ 14,652  $ 11,439 
There were no impairments recorded related to these assets as of December 31, 2022 and 2021.
Information about lease-related balances were as follows:
December 31,
2022 2021
(In thousands, except years and percentages)
Operating lease expense $ 2,956  $ 1,058 
Financing lease expense 36  31 
Short-term lease expense 351  186 
Total lease expense $ 3,343  $ 1,275 
Cash paid for leases $ 2,360  $ 1,018 
Weighted – average remaining lease term – operating leases (years) 4.1 4.9
Weighted – average discount rate – operating leases 8.7% 4.4%
Maturity of operating lease liabilities as of December 31, 2022 are as follows:
(In thousands)
2023
 $ 2,786 
2024
 2,730 
2025
 2,266 
2026 2,313 
Thereafter 13,670 
Total operating lease payments $ 23,765 
Less portion representing imputed interest (9,153)
Total operating lease liabilities $ 14,612 
Less current portion 2,411 
Long-term portion $ 12,201 
Leases LeasesThe Company leases its office and manufacturing facilities under five non-cancellable operating leases, including options to extend, which expire in 2023 to 2032. The agreements include a provision for renewal at the then prevailing market rate for terms specified in each lease. During the year ended December 31, 2022 the manufacturing facility operating lease was re-measured in accordance with ASC 842, Leases, as management's intent is to exercise the renewal option at the end of the lease term due to the significant leasehold improvement investments made to the facility.
The manufacturing facility operating lease at Campbell (McGlincy) expired on January 31, 2023, and was renewed on a month-to-month lease terminating on March 31, 2023.
Total ROU assets and lease liabilities are as follows:
December 31,
2022 2021
(In thousands)
Right-of-use assets:
Net book value (Other assets) $ 13,545  $ 11,073 
Operating lease liabilities:
Current (Accrued expense and other current liabilities) $ 2,411  $ 2,222 
Noncurrent (Other noncurrent liabilities) 12,201  9,143 
14,612  11,365 
Financing lease liabilities:
Current (Accrued expense and other current liabilities) $ 35  $ 33 
Noncurrent (Other noncurrent liabilities) 5  41 
$ 40  $ 74 
Total lease liabilities $ 14,652  $ 11,439 
There were no impairments recorded related to these assets as of December 31, 2022 and 2021.
Information about lease-related balances were as follows:
December 31,
2022 2021
(In thousands, except years and percentages)
Operating lease expense $ 2,956  $ 1,058 
Financing lease expense 36  31 
Short-term lease expense 351  186 
Total lease expense $ 3,343  $ 1,275 
Cash paid for leases $ 2,360  $ 1,018 
Weighted – average remaining lease term – operating leases (years) 4.1 4.9
Weighted – average discount rate – operating leases 8.7% 4.4%
Maturity of operating lease liabilities as of December 31, 2022 are as follows:
(In thousands)
2023
 $ 2,786 
2024
 2,730 
2025
 2,266 
2026 2,313 
Thereafter 13,670 
Total operating lease payments $ 23,765 
Less portion representing imputed interest (9,153)
Total operating lease liabilities $ 14,612 
Less current portion 2,411 
Long-term portion $ 12,201