|
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, 2022 |
|
| |
|
|
|
(unaudited) |
|
| Assets |
|
|
|
|
|
|
| Financing
lease assets |
|
Property
and equipment, net |
|
$ |
620 |
|
| Operating
lease assets |
|
Operating
lease right of use assets |
|
|
3,483 |
|
| Total
lease assets |
|
|
|
$ |
4,103 |
|
| |
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
| Financing
lease liabilities |
|
Other
accrued expenses |
|
$ |
68 |
|
| Operating
lease liabilities |
|
Other
accrued expenses |
|
|
963 |
|
| Total
current lease liabilities |
|
|
|
$ |
1,031 |
|
| Noncurrent |
|
|
|
|
|
|
| Financing
lease liabilities |
|
Other
long-term liabilities |
|
|
24 |
|
| Operating
lease liabilities |
|
Operating
lease liabilities, net of current portion |
|
|
2,691 |
|
| Total
long-term lease liabilities |
|
|
|
|
2,715 |
|
| Total
lease liabilities |
|
|
|
$ |
3,746 |
|
The
weighted average remaining lease term for the Company’s operating leases was 6.3 years as of June 30, 2022 and the weighted average
discount rate for those leases was 6.5%. 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, 2022:
SCHEDULE OF MATURITIES OF OPERATING AND FINANCING LEASE LIABILITIES
| |
|
Operating
Leases |
|
|
Financing
Leases |
|
| 2022 |
|
$ |
626 |
|
|
$ |
36 |
|
| 2023 |
|
|
897 |
|
|
|
60 |
|
| 2024 |
|
|
567 |
|
|
|
- |
|
| 2025 |
|
|
402 |
|
|
|
- |
|
| 2026-2030 |
|
|
1,924 |
|
|
|
|
|
| Total
minimum lease payments |
|
|
4,416 |
|
|
|
96 |
|
| Less:
amount of lease payments representing effects of discounting |
|
|
762 |
|
|
|
4 |
|
| Present
value of future minimum lease payments |
|
|
3,654 |
|
|
|
92 |
|
| Less:
current obligations under leases |
|
|
963 |
|
|
|
68 |
|
| Long-term
lease obligations |
|
$ |
2,691 |
|
|
$ |
24 |
|
As
of June 30, 2022, contractual operating lease 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 |
|
$ |
4,416 |
|
|
$ |
626 |
|
|
$ |
1,464 |
|
|
$ |
816 |
|
|
$ |
1,510 |
|
| Total |
|
$ |
4,416 |
|
|
$ |
626 |
|
|
$ |
1,464 |
|
|
$ |
816 |
|
|
$ |
1,510 |
|
|