KORE Group Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Right-of Use Assets and Lease Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Operating lease cost for the three months ended March 31, 2022 and 2021 was

$0.8 million and $0.7 million, respectively.


(in 000’ USD)	Classification in Statement of operations		Three Months Ended March 31, 2022

Operating lease cost		Selling, general and administrative	$	844
Finance lease cost
Amortization of leased assets		Depreciation and amortization		98
Interest on lease liabilities		Interest expense		5

Total net lease cost			$	947

Supplemental disclosure for the balance sheet related to finance leases were as follows:


(in 000’ USD)	As of March 31, 2022
Assets
Finance lease right-of-use assets included in property and equipment, net	$	386
Liabilities
Current portion of finance lease liabilities	$	158
Non-current portion of finance lease liabilities		228

Total finance lease liabilities	$	386

The weighted-average remaining lease term and the weighted-average discount rate of our leases

were

as follows:


	At March 31, 2022
Weighted average remaining lease term (in years)
Operating leases		6.4
Finance leases		2.5
Weighted average discount rate:
Operating leases		7.1	%
Finance leases		5.2	%

The future minimum lease payments under operating and finance leases as of March 31, 2022 for the next five years are as follows:


	Operating Leases			Finance Leases
(in ‘000 USD)	Amount			Amount
From April 1, 2022 to December 31, 2022	$	1,969		$	130
2023		2,189			141
2024		1,476			118
2025		1,313			25
2026		1,041			—
Thereafter		4,141			—

Total minimum lease payments		12,129			414
Interest expense		(2,672	)		(28	)

Total	$	9,457		$	386