|
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,
2021 |
|
|
December
31,
2020 |
|
| |
|
|
|
|
(unaudited)
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
| Financing lease assets |
|
Property and equipment,
net |
|
$ |
652 |
|
|
$ |
597 |
|
| Operating
lease assets |
|
Operating
lease right of use assets |
|
|
3,989 |
|
|
|
4,384 |
|
| Total
lease assets |
|
|
|
$ |
4,641 |
|
|
$ |
4,981 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
|
|
|
|
| Financing
lease liabilities |
|
Other accrued expenses |
|
$ |
98 |
|
|
$ |
177 |
|
| Operating
lease liabilities |
|
Other
accrued expenses |
|
|
1,030 |
|
|
|
1,027 |
|
| Total current
lease liabilities |
|
|
|
$ |
1,128 |
|
|
$ |
1,204 |
|
| Noncurrent |
|
|
|
|
|
|
|
|
|
|
| Financing
lease liabilities |
|
Other long-term liabilities |
|
|
75 |
|
|
|
138 |
|
| Operating
lease liabilities |
|
Operating
lease liabilities, net of current portion |
|
|
3,152 |
|
|
|
3,540 |
|
| Total
long-term lease liabilities |
|
|
|
|
3,227 |
|
|
|
3,678 |
|
| Total
lease liabilities |
|
|
|
$ |
4,355 |
|
|
$ |
4,882 |
|
The
weighted average remaining lease term for the Company’s operating leases was 6.6 years as of September 30, 2021 and 7.1 years as
of December 31, 2020 and the weighted average discount rate for those leases was 6.4% and 6.0% as of September 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 September 30, 2021:
SCHEDULE
OF MATURITIES OF OPERATING AND FINANCING LEASE LIABILITIES
| |
|
Operating
Leases |
|
|
Financing
Leases |
|
| 2021 (remaining
through December 31) |
|
|
312 |
|
|
|
39 |
|
| 2022 |
|
|
1,192 |
|
|
|
86 |
|
| 2023 |
|
|
794 |
|
|
|
60 |
|
| 2024 |
|
|
473 |
|
|
|
- |
|
| 2025 |
|
|
402 |
|
|
|
- |
|
| 2026 |
|
|
414 |
|
|
|
- |
|
| Thereafter |
|
|
1,510 |
|
|
|
- |
|
| Total minimum lease
payments |
|
|
5,097 |
|
|
|
185 |
|
| Less:
amount of lease payments representing effects of discounting |
|
|
915 |
|
|
|
12 |
|
| Present value of future
minimum lease payments |
|
|
4,182 |
|
|
|
173 |
|
| Less:
current obligations under leases |
|
|
1,030 |
|
|
|
98 |
|
| Long-term
lease obligations |
|
$ |
3,152 |
|
|
$ |
75 |
|
As
of September 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 |
|
$ |
5,097 |
|
|
$ |
312 |
|
|
$ |
1,986 |
|
|
$ |
875 |
|
|
$ |
1,924 |
|
| Total |
|
$ |
5,097 |
|
|
$ |
312 |
|
|
$ |
1,986 |
|
|
$ |
875 |
|
|
$ |
1,924 |
|
|