|
Note
6. Leases
The
Company leases its laboratory, research and administrative office space under various operating leases. In January 2022, the Company
recorded a $1.2 million ROU asset and related liability upon the signing of a new 5-year lease in San Diego, California.
The
components of operating and finance lease expenses for the three and nine months ended September 30, 2022 and 2021 are as follows:
Components of Lease Expense and Supplemental Information
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
Three months ended
September
30, |
|
|
Nine months ended
September 30, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Operating lease costs |
|
$ |
110 |
|
|
$ |
149 |
|
|
$ |
332 |
|
|
$ |
441 |
|
| Finance lease costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation of ROU assets |
|
|
61 |
|
|
|
- |
|
|
|
141 |
|
|
|
- |
|
| Interest on lease liabilities |
|
|
11 |
|
|
|
- |
|
|
|
25 |
|
|
|
- |
|
| Total finance lease cost |
|
|
72 |
|
|
|
- |
|
|
|
166 |
|
|
|
- |
|
| Variable lease costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Short-term lease costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total lease cost |
|
$ |
182 |
|
|
$ |
149 |
|
|
$ |
498 |
|
|
$ |
441 |
|
Amounts
reported in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 are as follows:
Schedule of Amounts Reported in the Consolidated Balance Sheet
| |
|
2022 |
|
|
2021 |
|
| Operating leases: |
|
|
|
|
|
|
|
|
| Operating lease ROU assets, net |
|
$ |
1,617 |
|
|
$ |
673 |
|
| Operating lease current liabilities |
|
|
303 |
|
|
|
174 |
|
| Operating lease long-term liabilities |
|
|
1,383 |
|
|
|
516 |
|
| Total operating lease liabilities |
|
|
1,686 |
|
|
|
690 |
|
| Finance leases: |
|
|
|
|
|
|
|
|
| Equipment |
|
|
743 |
|
|
|
477 |
|
| Accumulated depreciation |
|
|
(181 |
) |
|
|
(63 |
) |
| Finance leases, net |
|
|
562 |
|
|
|
414 |
|
| Current installment obligations under finance leases |
|
|
247 |
|
|
|
157 |
|
| Long-term portion of obligations under finance leases |
|
|
338 |
|
|
|
293 |
|
| Total finance lease liabilities |
|
$ |
585 |
|
|
$ |
450 |
|
Other
information related to leases from continuing operations for the nine months ended September 30, are as follows:
Schedule
of Other Information Related to Lease
| |
|
2022 |
|
|
2021 |
|
| Supplemental
cash flow information: |
|
|
|
|
|
|
|
|
| Cash
paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
| Operating
cash flow from operating leases |
|
$ |
193 |
|
|
$ |
263 |
|
| Financing
cash flow from finance leases |
|
|
135 |
|
|
|
- |
|
| Weighted
average remaining lease term: |
|
|
|
|
|
|
|
|
| Operating
leases |
|
|
4.69
years |
|
|
|
5.68
years |
|
| Finance
leases |
|
|
2.29
years |
|
|
|
- |
|
| Weighted
average discount rate: |
|
|
|
|
|
|
|
|
| Operating
leases |
|
|
8.3 |
% |
|
|
9.9 |
% |
| Finance
leases |
|
|
6.9 |
% |
|
|
- |
|
Annual
payments of lease liabilities under noncancelable leases from continuing operations as of September 30, 2022 are as follows:
Schedule of Annual Payments of Lease Liabilities Under Noncancelable Leases
| |
|
Operating leases |
|
|
Finance leases |
|
| Remainder of 2022 |
|
$ |
106 |
|
|
$ |
70 |
|
| 2023 |
|
|
433 |
|
|
|
280 |
|
| 2024 |
|
|
423 |
|
|
|
235 |
|
| 2025 |
|
|
427 |
|
|
|
51 |
|
| 2026 |
|
|
441 |
|
|
|
- |
|
| 2027 |
|
|
215 |
|
|
|
- |
|
| Thereafter |
|
|
- |
|
|
|
- |
|
| Total undiscounted lease payments |
|
|
2,045 |
|
|
|
636 |
|
| Less: Imputed interest |
|
|
(359 |
) |
|
|
(51 |
) |
| Total lease liabilities |
|
$ |
1,686 |
|
|
$ |
585 |
|
|