Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases Leases
The Company leases its office and manufacturing facilities under four non-cancellable operating leases which expire in 2023 to 2027 and one month to-month operating lease. The agreements include a provision for renewal at the then market rate for terms specified in each lease.
Total right-of-use (“ROU”) assets and lease liabilities are as follows:
March 31, December 31,
2022 2021
(In thousands)
Right-of-use assets:
Net book value (Other assets) $ 10,400  $ 11,073 
Operating lease liabilities:
Current (Accrued expense and other current liabilities) $ 2,601  $ 2,222 
Noncurrent (Other noncurrent liabilities) 8,499  9,143 
11,100  11,365 
Financing lease liabilities:
Current (Accrued expense and other current liabilities) $ 34  $ 33 
Noncurrent (Other noncurrent liabilities) 32  41 
$ 66  $ 74 
Total lease liabilities $ 11,166  $ 11,439 
There were no impairments recorded related to these assets as of March 31, 2022 and December 31, 2021.
Information about lease-related balances were as follows:
Three months ended March 31,
2022 2021
(In thousands)
Operating lease expense $ 717 $ 143
Financing lease expense 9 3
Short-term lease expense 99 15
Total lease expense $ 825 $ 161
Cash paid for leases $ 281 $ 163
Weighted – average remaining lease term – operating leases (years) 4.6 1.63
Weighted – average discount rate – operating leases 4.4% 4.5%
Maturity of operating lease liabilities as of March 31, 2022 are as follows:
(In thousands)
Remainder of 2022
 $ 2,342 
2023 2,732 
2024 2,676 
2025 2,232 
2026 2,315 
Thereafter 598 
Total operating lease payments $ 12,895 
Less portion representing imputed interest (1,729)
Total operating lease liabilities $ 11,166 
Less current portion 2,635 
Long-term portion $ 8,531 
Leases Leases
The Company leases its office and manufacturing facilities under four non-cancellable operating leases which expire in 2023 to 2027 and one month to-month operating lease. The agreements include a provision for renewal at the then market rate for terms specified in each lease.
Total right-of-use (“ROU”) assets and lease liabilities are as follows:
March 31, December 31,
2022 2021
(In thousands)
Right-of-use assets:
Net book value (Other assets) $ 10,400  $ 11,073 
Operating lease liabilities:
Current (Accrued expense and other current liabilities) $ 2,601  $ 2,222 
Noncurrent (Other noncurrent liabilities) 8,499  9,143 
11,100  11,365 
Financing lease liabilities:
Current (Accrued expense and other current liabilities) $ 34  $ 33 
Noncurrent (Other noncurrent liabilities) 32  41 
$ 66  $ 74 
Total lease liabilities $ 11,166  $ 11,439 
There were no impairments recorded related to these assets as of March 31, 2022 and December 31, 2021.
Information about lease-related balances were as follows:
Three months ended March 31,
2022 2021
(In thousands)
Operating lease expense $ 717 $ 143
Financing lease expense 9 3
Short-term lease expense 99 15
Total lease expense $ 825 $ 161
Cash paid for leases $ 281 $ 163
Weighted – average remaining lease term – operating leases (years) 4.6 1.63
Weighted – average discount rate – operating leases 4.4% 4.5%
Maturity of operating lease liabilities as of March 31, 2022 are as follows:
(In thousands)
Remainder of 2022
 $ 2,342 
2023 2,732 
2024 2,676 
2025 2,232 
2026 2,315 
Thereafter 598 
Total operating lease payments $ 12,895 
Less portion representing imputed interest (1,729)
Total operating lease liabilities $ 11,166 
Less current portion 2,635 
Long-term portion $ 8,531