Quarterly report pursuant to Section 13 or 15(d)

RIGHT-OF USE ASSETS AND LEASE LIABILITIES

v3.22.2.2
RIGHT-OF USE ASSETS AND LEASE LIABILITIES
 9 Months Ended
Sep. 30, 2022
Lessee Disclosure [Abstract]  
RIGHT-OF USE ASSETS AND LEASE LIABILITIES RIGHT-OF USE ASSETS AND LEASE LIABILITIES
The Company leases real estate, computer hardware and vehicles for use in our operations under both operating and finance leases. Our leases have remaining lease terms ranging from 1 year to 10 years, some of which include options to extend the term for up to 10 years, and some of which include options to terminate the leases. The Company includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For the majority of leases entered into during the current period, we have concluded it is not reasonably certain that we would exercise the options to extend the lease or terminate the lease early. Therefore, as of the lease commencement date, our lease terms generally do not include these options. Leasehold improvements are depreciated using the straight-line method over the shorter of the estimated useful life or the remaining term of the lease. Our leasehold improvements have lives ranging from 1 year to 10 years. Operating and finance lease cost for the three and nine months ended September 30, 2022 were as follows:
(In thousands, USD) Classification in
Statement of operations		 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022
Operating lease cost Selling, general and administrative $ 951  $ 2,669 
Finance lease cost
Amortization of leased assets Depreciation and amortization 93  289 
Interest on lease liabilities Interest expense 4  14 
Total lease cost $ 1,048  $ 2,972 
Rent expense for the three and nine months ended September 30, 2021, was $0.6 million and $2.0 million, respectively.
Supplemental disclosure for the balance sheet related to finance leases were as follows:
(In thousands, USD) At September 30, 2022
Assets
Finance lease right-of-use assets included in property and equipment, net $ 262 
Liabilities
Current portion of finance lease liabilities included in accrued liabilities $ 120 
Non-current portion of finance lease liabilities included in other long-term liabilities 142 
Total finance lease liabilities $ 262 
The weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows:
At September 30, 2022
Weighted average remaining lease term (in years)
Operating leases 7.80
Finance leases 2.29
Weighted average discount rate:
Operating leases 7.5  %
Finance leases 5.4  %
The future minimum lease payments under operating and finance leases at September 30, 2022 for the next five years are as follows:
Operating
Leases 		Finance
Leases
(In thousands, USD) Amount Amount
From October 1, 2022 to December 31, 2022 $ 637  $ 24 
2023 2,532  126 
2024 1,843  106 
2025 1,664  23 
2026 1,370  — 
Thereafter 7,494  — 
Total minimum lease payments 15,540  279 
Interest expense (4,167) (17)
Total $ 11,373  $ 262 
RIGHT-OF USE ASSETS AND LEASE LIABILITIES RIGHT-OF USE ASSETS AND LEASE LIABILITIES
The Company leases real estate, computer hardware and vehicles for use in our operations under both operating and finance leases. Our leases have remaining lease terms ranging from 1 year to 10 years, some of which include options to extend the term for up to 10 years, and some of which include options to terminate the leases. The Company includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For the majority of leases entered into during the current period, we have concluded it is not reasonably certain that we would exercise the options to extend the lease or terminate the lease early. Therefore, as of the lease commencement date, our lease terms generally do not include these options. Leasehold improvements are depreciated using the straight-line method over the shorter of the estimated useful life or the remaining term of the lease. Our leasehold improvements have lives ranging from 1 year to 10 years. Operating and finance lease cost for the three and nine months ended September 30, 2022 were as follows:
(In thousands, USD) Classification in
Statement of operations		 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022
Operating lease cost Selling, general and administrative $ 951  $ 2,669 
Finance lease cost
Amortization of leased assets Depreciation and amortization 93  289 
Interest on lease liabilities Interest expense 4  14 
Total lease cost $ 1,048  $ 2,972 
Rent expense for the three and nine months ended September 30, 2021, was $0.6 million and $2.0 million, respectively.
Supplemental disclosure for the balance sheet related to finance leases were as follows:
(In thousands, USD) At September 30, 2022
Assets
Finance lease right-of-use assets included in property and equipment, net $ 262 
Liabilities
Current portion of finance lease liabilities included in accrued liabilities $ 120 
Non-current portion of finance lease liabilities included in other long-term liabilities 142 
Total finance lease liabilities $ 262 
The weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows:
At September 30, 2022
Weighted average remaining lease term (in years)
Operating leases 7.80
Finance leases 2.29
Weighted average discount rate:
Operating leases 7.5  %
Finance leases 5.4  %
The future minimum lease payments under operating and finance leases at September 30, 2022 for the next five years are as follows:
Operating
Leases 		Finance
Leases
(In thousands, USD) Amount Amount
From October 1, 2022 to December 31, 2022 $ 637  $ 24 
2023 2,532  126 
2024 1,843  106 
2025 1,664  23 
2026 1,370  — 
Thereafter 7,494  — 
Total minimum lease payments 15,540  279 
Interest expense (4,167) (17)
Total $ 11,373  $ 262