LEASES (Tables)

3 Months Ended

Mar. 31, 2023

LEASES

Schedule of lease cost

	Three months ended
	March 31,
(in thousands)	2023		2022
Operating lease cost	$	544	$	514
Net lease cost	$	544	$	514

Schedule of classification of lease liabilities

	March 31,		December 31,
(in thousands)	2023		2022
Liabilities
Lease liability current portion	$	1,546	$	1,581
Lease liability non-current		10,079		10,344
Total lease liability	$	11,625	$	11,925

Schedule of lease liability maturity

As of March 31, 2023, the maturities of lease liabilities were as follows:

	Operating
(in thousands)		leases
Remainder of 2023	$	1,782
2024		2,388
2025		2,100
2026		2,080
2027		1,913
After 2028		6,542
Total lease payments		16,805
Less: interest		(5,180)
Present value of lease liabilities(*)	$	11,625

(*) As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date and considering the term of the lease to determine the present value of lease payments. We used the incremental borrowing rate of 10.25% on February 28, 2019, for operating leases that commenced prior to that date through December 31, 2021. We used an incremental borrowing rate of 5.65% for the NC lease.