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):

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​

​

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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)

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Present value of operating lease liability

​

$

1,951

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Weighted average remaining lease term

​

 

9.1 years

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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):

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​

​

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December 31, 

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​

2021

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

 

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Operating cash flows from operating lease

​

$

207

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​

​

​

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

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Operating lease

​

$

2,050

​