|
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 |
|
September 30, 2022 |
|
| |
|
|
|
|
(unaudited)
|
|
| Assets |
|
|
|
|
|
|
| Financing lease assets |
|
Property and equipment, net |
|
$ |
- |
|
| Operating lease assets |
|
Operating lease right of use assets |
|
|
867 |
|
| Total lease assets |
|
|
|
$ |
867 |
|
| |
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
| Financing lease liabilities |
|
Other accrued expenses |
|
$ |
- |
|
| Operating lease liabilities |
|
Other accrued expenses |
|
|
668 |
|
| Total current lease liabilities |
|
|
|
$ |
668 |
|
| Noncurrent |
|
|
|
|
|
|
| Financing lease liabilities |
|
Other long-term liabilities |
|
|
- |
|
| Operating lease liabilities |
|
Operating lease liabilities, net of current portion |
|
|
184 |
|
| Total long-term lease liabilities |
|
|
|
|
184 |
|
| Total lease liabilities |
|
|
|
$ |
852 |
|
The
weighted average remaining lease term for the Company’s operating leases was 1.3 years as of September 30, 2022 and the weighted
average discount rate for those leases was 7.7%. 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 September 30, 2022:
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES
| |
|
Operating Leases |
|
| 2022 |
|
$ |
208 |
|
| 2023 |
|
|
557 |
|
| 2024 |
|
|
125 |
|
| Total minimum lease payments |
|
|
890 |
|
| Less: amount of lease payments representing effects of discounting |
|
|
38 |
|
| Present value of future minimum lease payments |
|
|
852 |
|
| Less: current obligations under leases |
|
|
668 |
|
| Long-term lease obligations |
|
$ |
184 |
|
On
October 31, 2022, the Company entered into a fourth lease amendment with its Pittsburgh laboratory landlord. See Note 20, Subsequent
Events, for more detail.
|