Leases

3 Months Ended

Mar. 31, 2023

Note 5: Leases

The Company has operating leases for real estate (primarily its operating facilities) and certain equipment with various expiration dates. The Company also has one finance lease for certain equipment. For the three months ended March 31, 2023 and 2022, the Company’s rent expense was $212,000 and $90,000, respectively. Cash paid for operating leases during the three months ended March 31, 2023, was $203,000.

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023		December 31, 2022
Operating leases:
Right of use assets	$	2,856	$	2,285

Operating lease liabilities, current	$	574	$	458
Operating lease liabilities, noncurrent		2,323		1,858
Total operating lease liabilities	$	2,897	$	2,316

Finance leases:
Right of use assets	$	183	$	71

Finance lease liabilities, current	$	50	$	35
Finance lease liabilities, noncurrent		145		48
Total finance lease liabilities	$	195	$	83

Maturities of lease liabilities for the Company’s operating and finance leases are as follows as of March 31, 2023 (in thousands):


	Operating Leases			Finance Leases			Total
2023	$	598		$	47		$	645
2024		839			62			901
2025		849			32			881
2026		772			22			794
2027		454			22			476
Thereafter		37			41			78
Total lease payments		3,549			226			3,775
Less: imputed interest		(652	)		(31	)		(683	)
Present value of lease liabilities	$	2,897		$	195		$	3,092

The weighted average remaining lease term for operating leases is 4.2 years, and 5.0 years for finance leases. The weighted average discount rate for operating leases is 9.5% and 6.8% for finance leases.