Annual report pursuant to Section 13 and 15(d)

Right of Use Leased Asset

v3.23.1
Right of Use Leased Asset
 12 Months Ended
Dec. 31, 2022
Right Of Use Leased Asset  
Right of Use Leased Asset Right of Use Leased Asset
Right of use asset consisted of the following (in thousands):
As of December 31,
2022 2021
Office Lease Assets $ 10,313  $ 3,351 
Equipment Lease Assets 3,928  13 
Right Of Use Asset, Gross 14,241  3,364 
Accumulated Amortization (2,587) (579)
Foreign Currency Translation Adjustment (810) – 
Right Of Use Asset, Net $ 10,844  $ 2,785 
Refer to Note 20 for details on the Company's lease commitments.
As of December 31, 2022, the weighted-average lease term for the Company's operating leases was 93 months and the weighted-average discount rate was 10.4%. As of December 31, 2022, the weighted-average lease term for the Company's finance leases was 35 months and the weighted-average discount rate was 5.3%. As of December 31, 2021, the weighted-average lease term for operating leases was 70 months and the weighted-average discount rate was 8.2%.
Operating lease costs during the years December 31, 2022 and December 31, 2021 were $1.4 million and $0.5 million, respectively, recorded within General and Administrative Expenses on the Company's consolidated statement of operations.
During the year ended December 31, 2022 the Company recorded finance lease costs of $1.5 million, comprised of ROU amortization of $1.3 million recorded within General and Administrative Expenses on the Company's consolidated statement of operations and accretion of interest expense of $0.1 million recorded within Interest Expense on the Company's consolidated statement of operations. The Company did not have finance leases at December 31, 2021.