|
8. LEASES
The
table below presents the lease-related assets and liabilities recorded in the Condensed Consolidated Balance Sheet:
SCHEDULE OF LEASE RELATED ASSETS AND LIABILITIES
| |
|
Classification
on the Balance Sheet |
|
September
30, 2023 |
|
|
December
31, 2022 |
|
| |
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
| Operating
lease assets |
|
Operating
lease right of use assets |
|
|
1,978 |
|
|
|
2,439 |
|
| Total
lease assets |
|
|
|
$ |
1,978 |
|
|
$ |
2,439 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
|
|
|
|
| Operating
lease liabilities |
|
Other
accrued expenses |
|
|
414 |
|
|
|
578 |
|
| Total
current lease liabilities |
|
|
|
$ |
414 |
|
|
$ |
578 |
|
| Noncurrent |
|
|
|
|
|
|
|
|
|
|
| Operating
lease liabilities |
|
Operating
lease liabilities, net of current portion |
|
|
1,556 |
|
|
|
1,848 |
|
| Total
long-term lease liabilities |
|
|
|
|
1,556 |
|
|
|
1,848 |
|
| Total
lease liabilities |
|
|
|
$ |
1,970 |
|
|
$ |
2,426 |
|
The
weighted average remaining lease term for the Company’s operating leases was 4.5 years as of September 30, 2023 and the weighted
average discount rate for those leases was 11.8%. 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, 2023:
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES
| |
|
Operating
Leases |
|
| 2023
- remaining three months |
|
$ |
179 |
|
| 2024 |
|
|
575 |
|
| 2025 |
|
|
450 |
|
| 2026 |
|
|
550 |
|
| 2027-2028 |
|
|
825 |
|
| Total
minimum lease payments |
|
|
2,579 |
|
| Less:
amount of lease payments representing effects of discounting |
|
|
609 |
|
| Present
value of future minimum lease payments |
|
|
1,970 |
|
| Less:
current obligations under leases |
|
|
414 |
|
| Long-term
lease obligations |
|
$ |
1,556 |
|
|