Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES

v3.22.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 14 – COMMITMENTS AND CONTINGENCIES

 

Operating Leases

 

We lease space under operating leases for manufacturing and laboratory facilities and administrative offices in Cleveland, Ohio, as well as administrative offices in New York, New York. We also lease certain office equipment under operating leases, which have a non-cancelable lease term of less than one year and, therefore, we have elected the practical expedient to exclude these short-term leases from our right-of-use assets and lease liabilities.

 

Components of lease cost under ASC 842 for the years ended December 31, 2021 and 2020 are as follows:

 

    2021     2020  
    For the years ended December 31,  
    2021     2020  
Operating lease cost   $ 1,761,000     $ 1,736,000  
Variable lease cost   $ 445,000     $ 337,000  
Short-term lease cost   $ 183,000     $ 61,000  

 

The following table presents information about the amount and timing of cash flows arising from operating leases under ASC 842 as of December 31, 2021:

 

Maturity of lease liabilities:        
2022   $ 1,818,000  
2023     1,834,000  
2024     1,879,000  
2025     1,896,000  
2026     871,000  
Thereafter     3,663,000  
Total undiscounted operating lease payments     11,961,000  
Less: imputed interest     2,583,000  
Present value of operating lease liabilities   $ 9,378,000  
         
Balance sheet classification:        
Current portion of lease liability   $ 1,818,000  
Long-term lease liability     7,560,000  
Total operating lease liabilities   $ 9,378,000  
         
Other information:        
Weighted-average remaining lease term for operating leases     86 months  
Weighted-average discount rate for operating leases     7.4 %