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):

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

Weighted average remaining lease term

8.8 years

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):

March 31, 

    

2022

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

Operating cash flows from operating lease

$

52