Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Leases
During the year ended December 31, 2022, the Company maintained five leases of facilities located in the United States and the Netherlands, as well as, one lease of office equipment, under operating leases. The Company previously leased a manufacturing facility in Long Island City, New York, which expired in January 2023. The Company did not renew its lease at the Long Island City facility, but now houses its production in the Livonia facility.
For the years ended December 31, 2022 and 2021, operating lease expense was $1,000 and $839, respectively. The Company also recorded sublease income of $255 during the year ended December 31, 2022 associated with the Company's sublease of its facility in Michigan. The company had no sublease income during the year ended December 31, 2021. The Company records sublease income within Other income on the consolidated statements of operations and comprehensive loss.
Right of use assets and lease liabilities for operating leases were recorded in the consolidated balance sheets as follows:
The Company’s lease agreements do not state an implicit borrowing rate; therefore, an internal incremental borrowing rate was determined based on information available at the lease commencement date for the purposes of determining the present value of lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each market. The weighted-average remaining lease term for operating leases was 3.06 years and the weighted-average incremental borrowing rate was 7.07% as of December 31, 2022.
Supplemental cash flow information related to the Company’s leases was as follows:
As of December 31, 2022, future minimum lease payments required under operating leases are as follows:
Legal Proceedings
The Company is involved in various legal proceedings which arise from time to time in the normal course of business. While the results of such matters generally cannot be predicted with certainty, management does not expect any such matters to have a material adverse effect on the Company’s consolidated financial position or results of operations as of and for the years ended December 31, 2022 and 2021.
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