Note 5 - Leases

9 Months Ended

Sep. 30, 2022

Notes To Financial Statements

LEASES

NOTE 5—LEASES

The Company has various financing leases for mining equipment. These leases are generally for terms up to 36 months and expire through 2025. We had one operating lease for office space that expired in May 2022. A new operating lease for office space was entered into during August 2022 and has a term of 60 months.

Right-of-use assets and lease liabilities are determined as the present value of the lease payments, discounted using either the implicit interest rate in the lease or our estimated incremental borrowing rate based on similar terms, payments and the economic environment where the leased asset is located. Below is a summary of our leases:

(In thousands)	Classification	September 30, 2022		December 31, 2021
Right-of-use assets
Financing	Financing lease right-of-use assets, net	$	9,839	$	9,128
Operating	Other assets		694		25
Total right-of-use assets		$	10,533	$	9,153
Current lease liabilities
Financing	Current portion of financing lease obligations	$	4,776	$	3,461
Operating	Accrued expenses		80		25
Non-current lease liabilities
Financing	Long-term portion of financing lease obligations	$	3,783	$	4,599
Operating	Other long-term liabilities		617		—
Total lease liabilities		$	9,256	$	8,085