Annual report pursuant to Section 13 and 15(d)

Leases

v3.22.1
Leases
12 Months Ended
Dec. 31, 2021
Leases  
Leases

5. Leases

The Company has one operating lease for a commercial manufacturing facility and administrative offices located in Langhorne, Pennsylvania that runs through January 2031.

The following table presents information about the amount and timing of the liability arising from the Company’s operating lease as of December 31, 2021 ($ in thousands):

    

Operating 

  

Lease 

Maturity of Lease Liability

Liability

2022

$

207

2023

 

207

2024

 

207

2025

207

2026

 

263

Thereafter

1,165

Total undiscounted operating lease payments

$

2,256

Less: Imputed interest

 

(305)

Present value of operating lease liability

$

1,951

Weighted average remaining lease term

 

9.1 years

Weighted average discount rate

 

3.0

%

Total operating lease expense for the year ended December 31, 2021 and 2020 was $207 thousand, and is recorded in cost of goods sold and selling, general and administrative expenses on the statement of operations.

Supplemental cash flows information related to leases was as follows ($ in thousands):

    

December 31, 

2021

Cash paid for amounts included in the measurement of lease liability:

 

  

Operating cash flows from operating lease

$

207

Right-of-use asset obtained in exchange for lease obligation:

 

  

Operating lease

$

2,050