Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

LEASES

7. LEASES

Net lease cost recognized for 2022 is summarized as follows (in thousands):

	Three Months Ended June 30,			Six Months Ended June 30,
Operating lease cost	$	570		$	1,139
Sublease income		(482	)		(964	)
Net lease cost	$	88		$	175

As of June 30, 2022, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands):

Remainder of 2022	$	1,326
2023		2,702
2024		2,742
2025		1,880
2026	-
Total minimum lease payments		8,650
Less: Imputed interest		(1,439	)
Present value of operating lease liabilities		7,211
Less: Current portion of operating lease liabilities		(2,450	)
Non-current operating lease liabilities	$	4,761

During the six months ended June 30, 2022, there were no additions of operating or finance lease assets. As of June 30, 2022, the Company had not executed any operating or finance leases that were yet to commence. As of June 30, 2022, the weighted-average remaining operating lease term was 3.2 years and the weighted-average discount rate was 9.0% for operating leases recognized in the condensed 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.