Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Components of Lease Expenses

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Finance leases:
Amortization of ROU assets (1)	$	1,027	$	-	$	1,816	$	-
Interest on lease liability		477		-		878		-
Total finance lease expense		1,504		-		2,694		-
Operating leases:
Operating lease expense		467		371		921		618
Variable lease cost		-		-		-		-
Total operating lease expense		467		371		921		618
Total lease expense	$	1,971	$	371	$	3,615	$	618

__________

(1) Amortization of finance lease ROU assets 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating cash flows - operating lease	$	396	$	-	$	791	$	-
Right-of-use assets obtained in exchange for operating lease liabilities	$	-	$	-	$	-	$	5,859

	June 30, 2023			December 31, 2022
Weighted-average remaining lease term – finance lease (in years)		2.7			4.7
Weighted-average remaining lease term – operating lease (in years)		3.9			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 assets (1)	$	26,868		$	14,471

__________

(1) As of June 30, 2023 and December 31, 2022, the Company had recorded accumulated amortization of approximately $2.3 million and $0.5 million, respectively, for the finance lease ROU assets. 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 June 30, 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	$	10,511		$	790		$	11,301
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		25,427			6,192			31,619
Less present value discount		(3,402	)		(1,169	)		(4,571	)
Total	$	22,025		$	5,023		$	27,048