Quarterly report pursuant to Section 13 or 15(d)

Leases, Commitments, and Contingencies (Tables)

v3.22.1
Leases, Commitments, and Contingencies (Tables)
3 Months Ended
Mar. 31, 2022
Lease, Cost [Abstract]  
Schedule Of Impact Of Adoption Of The Standard On Consolidated Balance Sheet
The impact of adoption on the Company’s December 31, 2021, consolidated balance sheet was as
follows:
 
  
As Reported
December 31,
2021
 
 
Adoption of
Lease Standard
 
 
As Adjusted
December 31,
2021
 
Assets
                          
Land, buildings, and equipment
   $ 21,731      $ (16,543    $ 5,188  
Operating lease right-of-use assets
     —          14,090        14,090  
    
 
 
    
 
 
    
 
 
 
     $ 21,731      $ (2,453    $ 19,278  
    
 
 
    
 
 
    
 
 
 
Liabilities and stockholders’ equity
                          
Current portion of financing lease obligations
   $ 370      $ (4 )    $ 366  
Other current liabilities
     191        276        467  
Financing lease obligations
     17,506        (17,371      135  
Operating lease obligations
     —          13,814        13,814  
Accumulated deficit
     (196,092      832        (195,260
    
 
 
    
 
 
    
 
 
 
     $ (178,025    $ (2,453    $ (180,478
    
 
 
    
 
 
    
 
 
 
Summary of Non Cancellable Operating Leases
The Company is obligated under
non-cancellable
operating leases, primarily for office space and certain equipment, as follows:

 
  
March 31, 2022
 
 
  
Remaining
 
  
Right-of-Use
 
In Thousands
  
Term (years)
 
  
Asset
 
Roseville, MN lease
     16.1      $ 13,969  
             
 
 
 
Total
            $ 13,969  
Summary of Lease Cost
The components of lease expense were as follows:
 
In Thousands
  
Three Months Ended
March 31, 2022
 
Finance lease costs
   $ 9  
Operating lease costs
     399  
Variable lease costs
     231  
    
 
 
 
Total
   $ 639  
    
 
 
 
Summary of Other Information Related to Leases
Other information related to leases was as follows:
 
In Thousands except for lease term and discount rate
  
As of and for

Three Months Ended
March 31,
 
 
  
Operating
 
 
Financing
 
Cash paid for amounts included in the measurement of lease liabilities:
  
     
 
     
Operating cash flows
   $ 67     $

 
Financing cash flows
   $     $ 94  
Weighted average remaining lease term (years)
     16.1       0.9  
Weighted average discount rate
     7.9     8.1
    
 
 
   
 
 
 
Summary of Future Minimum Rental Payments
As of March 31, 2022, future minimum payments under operating and finance leases were as follows:

 
In Thousands
  
Operating
 
 
Financing
 
 
Total
 
Remainder of 2022
   $ 1,034      $ 231      $ 1,265  
2023
     1,446        99        1,545  
2024
     1,480               1,480  
2025
     1,479               1,479  
2026
     1,479               1,479  
2027
     1,479               1,479  
Thereafter
     16,991               16,991  
    
 
 
    
 
 
    
 
 
 
       25,388        330        25,718  
Less: imputed interest
     (11,365      (15      (11,380
    
 
 
    
 
 
    
 
 
 
Total
   $ 14,023      $ 315      $ 14,338