Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
3 Months Ended
Mar. 31, 2022
Leases  
Leases

4.     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 March 31, 2022 ($ in thousands):

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​

​

​

​

​

​

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Operating

​

​

​

Lease

​

Maturity of Lease Liability

​

Liability

​

2022

    

$

155

​

2023

​

 

207

​

2024

​

 

207

​

2025

​

​

207

​

2026

​

 

263

​

Thereafter

​

​

1,165

​

Total undiscounted operating lease payments

​

$

2,204

​

Less: Imputed interest

​

 

(290)

​

Present value of operating lease liability

​

$

1,914

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Weighted average remaining lease term

​

​

8.8 years

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Weighted average discount rate

​

​

3.0

%

​

Total operating lease expense for the three months ending March 31, 2022 and 2021, respectively, was $52 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):

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​

​

​

​

​

​

March 31, 

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​

    

2022

​

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

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​

​

​

Operating cash flows from operating lease

​

$

52

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​