Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

LEASES

7. LEASES

Net lease cost recognized is summarized as follows (in thousands):

	Three Months Ended March 31,
Operating lease cost	$	570
Sublease income		(482	)
Net lease cost	$	88

As of March 31, 2022, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands):

Remainder of 2022	$	1,981
2023		2,702
2024		2,742
2025		1,880
2026	-
Total minimum lease payments		9,305
Less: Imputed interest		(1,458	)
Present value of operating lease liabilities		7,847
Less: Current portion of operating lease liabilities		2,490
Non-current operating lease liabilities	$	5,357

During the three months ended March 31, 2022, there were no additions of operating or finance lease assets. As of March 31, 2022, the company had not executed any operating or finance leases that were yet to commence. As of March 31, 2022, the weighted-average remaining operating lease term was 3.4 years and the weighted-average discount rate was 9.0% for operating leases recognized in the financial statements.

In accordance with ASC 840, Leases, the aggregate minimum non-cancellable annual lease payments for operating leases in effect as of December 31, 2021, were as follows (in thousands):

	Operating Leases (1)		Sublease Income
2022	$	2,669	$	1,901
2023		2,755		1,964
2024		2,818		2,029
2025		1,954		1,569
Total minimum lease payments	$	10,196	$	7,463

(1) Future minimum lease payments include repayment of outstanding restructuring liabilities.