Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2022

Note 10 — Leases


During the year ended December 31, 2022, the Company entered into additional lease agreements that have commenced and are classified as operating leases and short-term leases, including for each of: a commercial clinical laboratory and additional Lucid Test Centers.


The components of lease expense were as follows:

Schedule of Components of Lease Expense

    2022     2021  
    Years Ended December 31,  
    2022     2021  
Operating lease cost   $ 951     $  
Short-term lease cost     95       32  
Variable lease cost     20        
Total lease cost   $ 1,066     $ 32  


The Company’s future lease payments as of December 31, 2022, which are presented as operating lease liabilities, current portion and operating lease liabilities, less current portion on the Company’s consolidated balance sheets are as follows:


2023   $ 1,078  
2024     1,019  
2025     60  
Total lease payments   $ 2,157  
Less: imputed interest     (158 )
Present value of lease liabilities   $ 1,999  


Supplemental disclosure of cash flow information related to the Company’s cash and non-cash activities with its leases are as follows:


    Year Ended December 31,  
    2022     2021  
Cash paid for amounts included in the measurement of lease liabilities            
Operating cash flows from operating leases   $ 949     $  
Non-cash investing and financing activities                
Right-of-use assets obtained in exchange for new operating lease liabilities   $ 2,763     $  
Weighted-average remaining lease term - operating leases (in years)     2.03        
Weighted-average discount rate - operating leases     7.875 %     %


As of December 31, 2022, the Company’s right-of-use assets from operating leases are $2,008, which are reporting in right-of-use assets - operating leases in the consolidated balance sheets. As of December 31, 2022, the Company has outstanding operating lease obligations of $1,999, of which $962 is reported in operating lease liabilities, current portion and $1,037 is reporting in operating lease liabilities less current portion in the Company’s consolidated balance sheets. The Company did not have operating leases as of December 31, 2021. The Company calculates its incremental borrowing rates for specific lease terms, used to discount future lease payments, as a function of the financing terms the Company would likely receive on the open market.