Quarterly report pursuant to Section 13 or 15(d)

Right of Use Leased Asset

v3.23.2
Right of Use Leased Asset
 6 Months Ended
Jun. 30, 2023
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):
June 30, 2023 December 31, 2022
Office Lease Assets $ 10,313  $ 10,313 
Equipment Lease Assets 5,144  3,928 
Right Of Use Asset, Gross 15,457  14,241 
Accumulated Amortization (4,091) (2,587)
Foreign Currency Translation Adjustment (617) (810)
Right Of Use Asset, Net $ 10,749  $ 10,844 
Refer to Note 19 for details on the Company’s lease commitments.
As of June 30, 2023, the weighted-average lease term for the Company’s operating leases was 87 months and the weighted-average discount rate was 10.5%. As of December 31, 2022, the weighted-average lease term for operating leases was 93 months and the weighted-average discount rate was 10.4%.
Operating lease costs during the three and six months ended June 30, 2023 were $0.7 million and $0.8 million, respectively, recorded within General and Administrative Expenses on the Company’s condensed consolidated statement of operations.
During the three and six months ended June 30, 2023 the Company recorded finance lease costs of $0.6 million and $1.2 million, respectively, comprised of ROU amortization of $0.5 million and $1.1 million, respectively, recorded within General and Administrative Expenses on the Company’s condensed consolidated statement of operations and accretion of interest expense of $53,533 and $103,727, respectively, recorded within Other Income (Expense) on the Company’s condensed consolidated statement of operations.
Lease costs during the three and six months ended June 30, 2022 were $0.6 million and $0.7 million, respectively, recorded within General and Administrative Expenses on the Company’s condensed consolidated statement of operations.