Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
9 Months Ended
Sep. 30, 2021
Leases  
Leases

Note 7. Leases

 

The Company leases its laboratory, research and administrative office spaces under various operating leases. In March 2021, the Company recorded $198 thousand of ROU assets and liabilities upon consummation of the Merger. As of April 1, 2021 the Company commenced a new lease for its corporate headquarters. The Company recorded a ROU asset and operating lease obligation of $83 thousand related to this lease.

 

Amounts reported in the consolidated balance sheet as of September 30, 2021 and December 31, 2020 are as follows:

 

    2021     2020  
Operating leases:                
Operating lease ROU assets, net   $ 888     $ 1,095  
Operating lease current liabilities   $ 335     $ 486  
Operating lease long-term liabilities     523       627  
Total operating lease liabilities   $ 858     $ 1,113  
Finance leases:                
Equipment   $ 171     $ 289  
Accumulated depreciation     36       289  
Finance leases, net   $ 135     $ -  
Current installment obligations under finance leases   $ 30     $ -  
Long-term portion of obligations under finance leases     55       -  
Total finance lease liabilities   $ 85     $ -  

 

Equipment subject to finance leases are classified within fixed assets, net, on the accompanying consolidated balance sheets.

 

 

Annual payments of lease liabilities under noncancelable leases as of September 30, 2021 are as follows:

    Operating leases  
Remainder of 2021   $ 213  
2022     259  
2023     158  
2024     136  
2025     131  
2026     134  
Thereafter     79  
Total undiscounted lease payments     1,110  
Less: Imputed interest     252  
Total lease liabilities   $ 858