Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases LEASES
Greenlane as a Lessee
As of June 30, 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 June 30, 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 $ 1,355 
2023 2,169 
2024 1,491 
2025 1,377 
2026 209 
Thereafter 4 
Total minimum lease payments 6,605 
Less: imputed interest 266 
Present value of minimum lease payments 6,339 
Less: current portion 2,502 
Long-term portion $ 3,837 
Rent expense under operating leases was approximately $0.7 million and $1.4 million for three and six months ended June 30, 2022, respectively, and approximately $0.3 million and $0.6 million for the three and six months ended June 30, 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 six months ended
June 30,
(in thousands) 2022 2021
Operating lease costs
Operating lease cost
 1,406  250 
Variable lease cost
 47  39 
Total lease cost $ 1,453  $ 289 
The table below presents lease-related terms and discount rates as of June 30, 2022:
June 30, 2022
Weighted average remaining lease terms  
Operating leases 3.1 years
Weighted average discount rate
Operating leases 2.7  %
Greenlane as a Lessor
We have four operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida, which is included in assets held for sale as of June 30, 2022, and one sublease in California.
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 related to our sublease in California:
Rental Income (in thousands)
Remainder of 2022 $ 289 
2023 386 
2024 and thereafter — 
Total $ 675 
Leases LEASES
Greenlane as a Lessee
As of June 30, 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 June 30, 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 $ 1,355 
2023 2,169 
2024 1,491 
2025 1,377 
2026 209 
Thereafter 4 
Total minimum lease payments 6,605 
Less: imputed interest 266 
Present value of minimum lease payments 6,339 
Less: current portion 2,502 
Long-term portion $ 3,837 
Rent expense under operating leases was approximately $0.7 million and $1.4 million for three and six months ended June 30, 2022, respectively, and approximately $0.3 million and $0.6 million for the three and six months ended June 30, 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 six months ended
June 30,
(in thousands) 2022 2021
Operating lease costs
Operating lease cost
 1,406  250 
Variable lease cost
 47  39 
Total lease cost $ 1,453  $ 289 
The table below presents lease-related terms and discount rates as of June 30, 2022:
June 30, 2022
Weighted average remaining lease terms  
Operating leases 3.1 years
Weighted average discount rate
Operating leases 2.7  %
Greenlane as a Lessor
We have four operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida, which is included in assets held for sale as of June 30, 2022, and one sublease in California.
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 related to our sublease in California:
Rental Income (in thousands)
Remainder of 2022 $ 289 
2023 386 
2024 and thereafter — 
Total $ 675