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.

    

Year Ended December 31, 

    

($ in thousands)

2021

2020

Lease Cost

 

  

 

Operating lease cost

$

3,253

$

3,246

Shared lease costs

 

(1,835)

(1,873)

Variable lease cost

 

727

593

Total lease expense

$

2,145

$

1,966

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:

    

Year Ended December 31, 

 

    

($ in thousands)

2021

2020

 

Operating cash flows from operating leases

$

(3,366)

$

(2,958)

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

$

207

$

634

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

 

5.2

 

5.7

Weighted-average discount rate – operating leases

 

6.3

%  

 

6.3

%

Schedule of Future Minimum Lease Payments

    

Future Lease

($ in thousands)

Liability

Year Ended December 31, 2022

$

3,498

Year Ended December 31, 2023

 

3,270

Year Ended December 31, 2024

 

3,206

Year Ended December 31, 2025

 

3,241

Year Ended December 31, 2026

3,243

Other

 

14,014

Total operating lease liabilities

 

30,472

Less: present value discount

 

(7,381)

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

$

23,091