Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.22.1
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2021
Commitments and Contingencies  
Schedule of lease expense

During the years ended December 31, 2021 and 2020, the Company recorded $3.3 million and $3.2 million, respectively, as lease expense to current period operations.

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Year Ended December 31, 

    

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($ in thousands)

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2021

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2020

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Lease Cost

 

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Operating lease cost

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$

3,253

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$

3,246

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Shared lease costs

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(1,835)

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(1,873)

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Variable lease cost

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727

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593

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Total lease expense

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$

2,145

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$

1,966

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Summary of Quantitative Information about Operating Leases

The following tables summarize quantitative information about the Company’s operating leases, under the adoption of ASC Topic 842, Leases:

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Year Ended December 31, 

 

    

($ in thousands)

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2021

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2020

 

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Operating cash flows from operating leases

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$

(3,366)

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$

(2,958)

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Right-of-use assets exchanged for new operating lease liabilities

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$

207

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$

634

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Weighted-average remaining lease term – operating leases (years)

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5.2

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5.7

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Weighted-average discount rate – operating leases

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6.3

%  

 

6.3

%

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Schedule of Future Minimum Lease Payments

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Future Lease

($ in thousands)

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Liability

Year Ended December 31, 2022

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$

3,498

Year Ended December 31, 2023

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3,270

Year Ended December 31, 2024

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3,206

Year Ended December 31, 2025

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3,241

Year Ended December 31, 2026

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3,243

Other

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14,014

Total operating lease liabilities

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30,472

Less: present value discount

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(7,381)

Net operating lease liabilities, short-term and long-term

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$

23,091