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Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Lease Balance Sheet Information

The following table presents the lease balances within the consolidated balance sheets (in thousands):

 

 

 

 

December 31,

 

 

December 31,

 

Leases

 

Classification

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Operating

 

Operating leases right-of-use assets

 

 

3,943

 

 

$

4,284

 

Finance

 

Property and equipment, net

 

 

206

 

 

$

33

 

Total lease assets

 

 

 

 

4,149

 

 

 

4,317

 

Liabilities

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

Operating

 

Lease liabilities

 

 

1,818

 

 

 

1,509

 

Finance

 

Lease liabilities

 

 

152

 

 

 

20

 

Noncurrent

 

 

 

 

 

 

 

 

Operating

 

Long-term lease liabilities

 

 

2,813

 

 

 

3,625

 

Finance

 

Long-term lease liabilities

 

 

43

 

 

 

17

 

Total lease liabilities

 

 

 

$

4,826

 

 

$

5,171

 

Schedule of Component of Lease Expense For the years ended December 31, 2022 and 2021, the components of operating and finance lease expenses were as follows (in thousands):

 

 

 

 

Year Ended December 31,

 

Lease Cost

 

Classification

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

Cost of sales

 

$

14

 

 

$

14

 

 

 

Research and development

 

 

324

 

 

 

297

 

 

 

Selling, general and administrative

 

 

1,688

 

 

 

1,608

 

 

 

 

 

 

 

 

 

 

Finance lease cost

 

Research and development

 

 

110

 

 

 

 

 

 

Selling, general and administrative

 

 

28

 

 

 

25

 

 

 

 

 

 

 

 

 

 

Finance lease cost

 

Interest expense

 

 

18

 

 

 

5

 

Schedule of Maturities of Lease Liabilities

Maturities of the Company’s operating and finance lease liabilities as of December 31, 2022, were as follows (in thousands):

 

 

Operating

 

 

Finance

 

Year Ended December 31,

 

Leases

 

 

Leases

 

2023

 

$

2,128

 

 

$

164

 

2024

 

 

1,876

 

 

 

40

 

2025

 

 

1,024

 

 

 

6

 

2026

 

 

79

 

 

 

-

 

2027

 

 

 

 

 

 

Total lease payments

 

 

5,107

 

 

 

210

 

Less: imputed interest

 

 

(476

)

 

 

(15

)

Total lease liabilities

 

$

4,631

 

 

$

195

 

Summary of Weighted Average Remaining Lease Term and Discount Rate

The weighted average remaining lease term and weighted average discount rate used to determine lease liabilities related to the Company’s operating and finance leases as of December 31, 2022 and 2021 were:

 

 

December 31,

 

 

December 31,

 

Lease Term and Discount Rate

 

2022

 

 

2021

 

Weighted average remaining lease term (years)

 

 

 

 

 

 

Operating leases

 

 

2.42

 

 

 

3.30

 

Finance leases

 

 

1.29

 

 

 

1.72

 

Weighted average discount rate

 

 

 

 

 

 

Operating leases

 

 

10.3

%

 

 

10.5

%

Finance leases

 

 

9.5

%

 

 

10.5

%