Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Expenses

Components of the Company’s lease expenses are as follows (in thousands):

	Three Months Ended March 31,
	2023		2022
Finance lease:
Amortization of ROU asset (1)	$	789	$	-
Interest on lease liability		401		-
Total finance lease expense		1,190		-
Operating leases:
Operating lease expense		371		247
Short-term lease rent expense		83		-
Total lease expense	$	1,644	$	247

__________

(1) Amortization of finance lease ROU asset is included within depreciation expense.

Schedule of Other Information Related to Leases

Other information related to the Company’s leases is shown below (dollar amounts in thousands):

	Three Months Ended March 31,
	2023		2022
Operating cash flows - operating lease	$	395	$	-
Right-of-use assets obtained in exchange for operating lease liabilities	$	-	$	5,859

	March 31, 2023			December 31, 2022
Weighted-average remaining lease term – finance lease (in years)		4.4			4.7
Weighted-average remaining lease term – operating lease (in years)		4.2			4.4
Weighted-average discount rate – finance lease		11.0	%		11.0	%
Weighted-average discount rate – operating lease		10.9	%		10.9	%
Finance lease ROU asset (1)	$	13,682		$	14,471

__________

(1) As of March 31, 2023 and December 31, 2022, the Company had recorded accumulated amortization of approximately $1.3 million and $0.5 million, respectively, for the finance lease ROU asset. Finance lease ROU assets are recorded within property and equipment, net on the Company’s consolidated balance sheets.

Schedule of Future Minimum Lease Payments

As of March 31, 2023, future minimum lease payments during the next five years are as follows (in thousands):

	Finance Lease			Operating Lease			Total
Remaining Period Ended December 31, 2023	$	3,051		$	1,186		$	4,237
Year Ended December 31, 2024		4,068			1,581			5,649
Year Ended December 31, 2025		4,068			1,581			5,649
Year Ended December 31, 2026		4,068			1,581			5,649
Year Ended December 31, 2027		2,712			659			3,371
Total lease payments		17,967			6,588			24,555
Less present value discount		(3,787	)		(1,312	)		(5,099	)
Total	$	14,180		$	5,276		$	19,456