Leases

6 Months Ended

Jun. 30, 2022

15.

LEASES

On July 1, 2014, Biote entered into a contract to lease office space in the Las Colinas Business Center in Irving, TX. Subsequent to execution of the contract, the Company revised the lease to include additional space and extend the lease term through June 30, 2023.

The Company recognizes operating lease costs on a straight-line basis over the lease term within Selling, general and administrative expense in the condensed consolidated statement of income and comprehensive income. The following table contains a summary of the operating lease costs recognized under ASC 842 and supplemental cash flow information for leases for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Fixed lease expense	$	61	$	61	$	122	$	122
Total lease cost	$	61	$	61	$	122	$	122

Other information:
Cash paid for amounts included in the measurement of lease liabilities	$	64	$	64	$	128	$	128

The following table summarizes the balance sheet classification of the Company’s operating leases, amounts of ROU assets and lease liabilities, the weighted average remaining lease term, and the weighted average discount rate for the Company’s operating leases:


	June 30,			December 31,
	2022			2021
Lease assets
Operating lease right-of-use assets	$	240		$	356
Total lease assets	$	240		$	356

Lease liabilities
Current:
Operating lease liabilities	$	252		$	248
Non-current:
Operating lease liabilities		—			127
Total lease liabilities	$	252		$	375

Weighted-average remaining lease term — operating leases (years)		1.00			1.50
Weighted-average discount rate — operating leases		3.75	%		3.75	%

The following table summarizes the payments by date for the Company’s operating lease, which is then reconciled to our total lease obligation, as of June 30, 2022:


2022 (remaining six months)	$	128
2023		128
Total lease payments		256
Less: Interest		(4	)
Present value of lease liabilities	$	252