Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
6 Months Ended
Jun. 30, 2022
Leases  
Leases

Note 7 — Leases

 

During the six months ended June 30, 2022, the Company entered into additional lease agreements that have commenced and are classified as operating leases and short-term leases, including for each of: a research and development facility; a commercial clinical laboratory; additional Lucid Test Centers; and for office space.

 

The Company’s future lease payments as of June 30, 2022, which are presented as operating lease liabilities, current portion and operating lease liabilities, less current portion on the Company’s unaudited condensed consolidated balance sheets are as follows:

 

         
2022 (remainder of year)   $ 562  
2023     1,175  
2024     1,139  
2025     272  
2026     272  
Thereafter     132  
Total lease payments   $ 3,552  
Less: imputed interest     (426 )
Present value of lease liabilities   $ 3,126  

 

Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:

 

    2022     2021  
    Six Months Ended June 30,  
    2022     2021  
Cash paid for amounts included in the measurement of lease liabilities                
Operating cash flows from operating leases   $ 483     $  
Non-cash investing and financing activities                
Right-of-use assets obtained in exchange for new operating lease liabilities   $ 3,633     $  
Weighted-average remaining lease term - operating leases (in years)     3.31        
Weighted-average discount rate - operating leases     7.875 %     %

 

As of June 30, 2022, the Company’s right-of-use assets from operating leases are $3,205, which are reporting in right-of-use assets - operating leases in the unaudited condensed consolidated balance sheets. As of June 30, 2022, the Company has outstanding operating lease obligations of $3,126, of which $943 is reported in operating lease liabilities, current portion and $2,183 is reporting in operating lease liabilities less current portion in the Company’s unaudited condensed consolidated balance sheets. The Company did not have operating leases as of December 31, 2021. The Company calculates its incremental borrowing rates for specific lease terms, used to discount future lease payments, as a function of the financing terms the Company would likely receive on the open market.