Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases LEASES
Greenlane as a Lessee
As of March 31, 2022, we had facilities financed under operating leases consisting of warehouses, offices, and retail stores, with lease term expirations between 2022 and 2027. Lease terms are generally three to seven years for warehouses, office space and retail store locations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides details of our future minimum lease payments under finance and operating lease liabilities recorded in our condensed consolidated balance sheet as of March 31, 2022. The table below does not include commitments
that are contingent on events or other factors that are currently uncertain or unknown.
(in thousands) Operating Leases
2022 $ 2,108 
2023 2,219 
2024 1,525 
2025 1,406 
2026 188 
Thereafter 29 
Total minimum lease payments 7,475 
Less: imputed interest 301 
Present value of minimum lease payments 7,174 
Less: current portion 2,828 
Long-term portion $ 4,346 
Rent expense under operating leases was approximately $0.8 million and $0.3 million for three months ended March 31, 2022 and 2021, respectively.
The following expenses related to our operating leases were included in "general and administrative" expenses within our condensed consolidated statements of operations and comprehensive loss:
For the three months ended
March 31,
(in thousands) 2022 2021
Operating lease costs
Operating lease cost
 765  250 
Variable lease cost
 36  39 
Total lease cost $ 801  $ 289 
The table below presents lease-related terms and discount rates as of March 31, 2022:
March 31, 2022
Weighted average remaining lease terms  
Operating leases 3.2 years
Weighted average discount rate
Operating leases 2.7  %
Greenlane as a Lessor
We have five operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida and one sublease in California. For the three months ended March 31, 2022 and 2021, respectively, we recorded approximately $0.3 million and $0.2 million in rental income related to these operating leases, which we included within “Other income, net” in our condensed consolidated statements of operations and comprehensive loss.
The following table represents the maturity analysis of undiscounted cash flows related to lease payments, which we expect to receive from our existing operating lease agreements with tenants:
Rental Income (in thousands)
2022 $ 575 
2023 485 
2024 77 
2025 53 
Thereafter — 
Total $ 1,190 
Leases LEASES
Greenlane as a Lessee
As of March 31, 2022, we had facilities financed under operating leases consisting of warehouses, offices, and retail stores, with lease term expirations between 2022 and 2027. Lease terms are generally three to seven years for warehouses, office space and retail store locations. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides details of our future minimum lease payments under finance and operating lease liabilities recorded in our condensed consolidated balance sheet as of March 31, 2022. The table below does not include commitments
that are contingent on events or other factors that are currently uncertain or unknown.
(in thousands) Operating Leases
2022 $ 2,108 
2023 2,219 
2024 1,525 
2025 1,406 
2026 188 
Thereafter 29 
Total minimum lease payments 7,475 
Less: imputed interest 301 
Present value of minimum lease payments 7,174 
Less: current portion 2,828 
Long-term portion $ 4,346 
Rent expense under operating leases was approximately $0.8 million and $0.3 million for three months ended March 31, 2022 and 2021, respectively.
The following expenses related to our operating leases were included in "general and administrative" expenses within our condensed consolidated statements of operations and comprehensive loss:
For the three months ended
March 31,
(in thousands) 2022 2021
Operating lease costs
Operating lease cost
 765  250 
Variable lease cost
 36  39 
Total lease cost $ 801  $ 289 
The table below presents lease-related terms and discount rates as of March 31, 2022:
March 31, 2022
Weighted average remaining lease terms  
Operating leases 3.2 years
Weighted average discount rate
Operating leases 2.7  %
Greenlane as a Lessor
We have five operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida and one sublease in California. For the three months ended March 31, 2022 and 2021, respectively, we recorded approximately $0.3 million and $0.2 million in rental income related to these operating leases, which we included within “Other income, net” in our condensed consolidated statements of operations and comprehensive loss.
The following table represents the maturity analysis of undiscounted cash flows related to lease payments, which we expect to receive from our existing operating lease agreements with tenants:
Rental Income (in thousands)
2022 $ 575 
2023 485 
2024 77 
2025 53 
Thereafter — 
Total $ 1,190