|
Finance
lease assets are included in fixed assets, net of accumulated depreciation.
The
table below presents the lease-related assets and liabilities recorded in the Condensed Consolidated Balance Sheet:
SCHEDULE OF FINANCING AND OPERATING LEASES
| |
|
Classification on the Balance Sheet |
|
June 30, 2021 |
|
|
December 31, 2020 |
|
| |
|
|
|
|
(unaudited)
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
| Financing lease assets |
|
Property and equipment, net |
|
$ |
670 |
|
|
$ |
597 |
|
| Operating lease assets |
|
Operating lease right of use assets |
|
|
3,768 |
|
|
|
4,384 |
|
| Total lease assets |
|
|
|
$ |
4,438 |
|
|
$ |
4,981 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
|
|
|
|
| Financing lease liabilities |
|
Other accrued expenses |
|
$ |
117 |
|
|
$ |
177 |
|
| Operating lease liabilities |
|
Other accrued expenses |
|
|
898 |
|
|
|
1,027 |
|
| Total current lease liabilities |
|
|
|
$ |
1,015 |
|
|
$ |
1,204 |
|
| Noncurrent |
|
|
|
|
|
|
|
|
|
|
| Financing lease liabilities |
|
Other long-term liabilities |
|
|
92 |
|
|
|
138 |
|
| Operating lease liabilities |
|
Operating lease liabilities, net of current portion |
|
|
3,109 |
|
|
|
3,540 |
|
| Total long-term lease liabilities |
|
|
|
|
3,201 |
|
|
|
3,678 |
|
| Total lease liabilities |
|
|
|
$ |
4,216 |
|
|
$ |
4,882 |
|
The
weighted average remaining lease term for the Company’s operating leases was 7.1
years as of June 30, 2021 and 7.1 years as
of December 31, 2020 and the weighted average discount rate for those leases was 6.0%
as of June 30, 2021 and December 31, 2020, respectively.
The Company’s operating lease expenses are recorded within “Cost
of revenue” and “General and administrative expenses.”
The
table below reconciles the cash flows to the lease liabilities recorded on the Company’s Condensed Consolidated Balance Sheet as
of June 30, 2021:
SCHEDULE OF MATURITIES OF OPERATING AND FINANCING LEASE LIABILITIES
| |
|
Operating Leases |
|
|
Financing Leases |
|
| 2021 (remaining through December 31) |
|
$ |
548 |
|
|
$ |
82 |
|
| 2022 |
|
|
1,028 |
|
|
|
78 |
|
| 2023 |
|
|
629 |
|
|
|
65 |
|
| 2024 |
|
|
390 |
|
|
|
- |
|
| 2025 |
|
|
402 |
|
|
|
- |
|
| 2026 |
|
|
414 |
|
|
|
- |
|
| Thereafter |
|
|
1,510 |
|
|
|
- |
|
| Total minimum lease payments |
|
|
4,921 |
|
|
|
225 |
|
| Less: amount of lease payments representing effects of discounting |
|
|
914 |
|
|
|
16 |
|
| Present value of future minimum lease payments |
|
|
4,007 |
|
|
|
209 |
|
| Less: current obligations under leases |
|
|
898 |
|
|
|
117 |
|
| Long-term lease obligations |
|
$ |
3,109 |
|
|
$ |
92 |
|
As
of June 30, 2021, contractual obligations with terms exceeding one year and estimated minimum future rental payments required by non-cancelable
operating leases with initial or remaining lease terms exceeding one year were as follows:
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELABLE LEASES
| |
|
|
|
|
Less than |
|
|
1 to 3 |
|
|
3 to 5 |
|
|
After |
|
| |
|
Total |
|
|
1 Year |
|
|
Years |
|
|
Years |
|
|
5 Years |
|
| Operating lease obligations |
|
$ |
4,921 |
|
|
$ |
548 |
|
|
$ |
1,657 |
|
|
$ |
792 |
|
|
$ |
1,924 |
|
| Total |
|
$ |
4,921 |
|
|
$ |
548 |
|
|
$ |
1,657 |
|
|
$ |
792 |
|
|
$ |
1,924 |
|
|