v3.21.1
Leases
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases LEASES
Greenlane as a Lessee
As of March 31, 2021, we had 11 facilities financed under operating leases consisting of warehouses, offices, and retail stores, with lease term expirations between 2021 and 2026. 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, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
(in thousands) Finance Leases Operating Leases Total
Remainder of 2021 $ 177  $ 597  $ 774 
2022 177  947  1,124 
2023 112  921  1,033 
2024 609  613 
2025 —  122  122 
Thereafter —  124  124 
Total minimum lease payments 470  3,320  3,790 
Less: imputed interest 295  303 
Present value of minimum lease payments 462  3,025  3,487 
Less: current portion 216  713  929 
Long-term portion $ 246  $ 2,312  $ 2,558 
Rent expense under operating leases was approximately $0.3 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively.
The majority of our finance lease obligations relate to leased warehouse equipment. Payments under our finance lease agreements are fixed for terms ranging from three to five years. We recorded approximately $0.5 million and $0.4 million, respectively, of finance lease assets, net within "property and equipment, net" as of March 31, 2021 and December 31, 2020, and the related liabilities within "current portion of finance leases" and "finance leases, less current portion" in our condensed consolidated balance sheets.
The following expenses related to our finance and 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, 2021:
(in thousands) March 31, 2021
Finance lease costs
Amortization of leased assets $ 54 
Interest of lease liabilities
Operating lease costs
Operating lease cost
250 
Variable lease cost
39 
Total lease costs $ 348 
The table below presents lease-related terms and discount rates as of March 31, 2021:
March 31, 2021
Weighted average remaining lease terms  
Operating leases 3.6 years
Finance leases 2.3 years
Weighted average discount rate
Operating leases 4.9  %
Finance leases 4.2  %
Greenlane as a Lessor
As of March 31, 2021, we had five operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida. Rental income of approximately $0.2 million for the three months ended March 31, 2021 and 2020, was 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:
(in thousands) Rental Income
Remainder of 2021 $ 534 
2022 199 
2023 99 
2024 77 
2025 53 
Total $ 962 
Leases LEASES
Greenlane as a Lessee
As of March 31, 2021, we had 11 facilities financed under operating leases consisting of warehouses, offices, and retail stores, with lease term expirations between 2021 and 2026. 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, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
(in thousands) Finance Leases Operating Leases Total
Remainder of 2021 $ 177  $ 597  $ 774 
2022 177  947  1,124 
2023 112  921  1,033 
2024 609  613 
2025 —  122  122 
Thereafter —  124  124 
Total minimum lease payments 470  3,320  3,790 
Less: imputed interest 295  303 
Present value of minimum lease payments 462  3,025  3,487 
Less: current portion 216  713  929 
Long-term portion $ 246  $ 2,312  $ 2,558 
Rent expense under operating leases was approximately $0.3 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively.
The majority of our finance lease obligations relate to leased warehouse equipment. Payments under our finance lease agreements are fixed for terms ranging from three to five years. We recorded approximately $0.5 million and $0.4 million, respectively, of finance lease assets, net within "property and equipment, net" as of March 31, 2021 and December 31, 2020, and the related liabilities within "current portion of finance leases" and "finance leases, less current portion" in our condensed consolidated balance sheets.
The following expenses related to our finance and 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, 2021:
(in thousands) March 31, 2021
Finance lease costs
Amortization of leased assets $ 54 
Interest of lease liabilities
Operating lease costs
Operating lease cost
250 
Variable lease cost
39 
Total lease costs $ 348 
The table below presents lease-related terms and discount rates as of March 31, 2021:
March 31, 2021
Weighted average remaining lease terms  
Operating leases 3.6 years
Finance leases 2.3 years
Weighted average discount rate
Operating leases 4.9  %
Finance leases 4.2  %
Greenlane as a Lessor
As of March 31, 2021, we had five operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida. Rental income of approximately $0.2 million for the three months ended March 31, 2021 and 2020, was 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:
(in thousands) Rental Income
Remainder of 2021 $ 534 
2022 199 
2023 99 
2024 77 
2025 53 
Total $ 962 
Leases LEASES
Greenlane as a Lessee
As of March 31, 2021, we had 11 facilities financed under operating leases consisting of warehouses, offices, and retail stores, with lease term expirations between 2021 and 2026. 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, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
(in thousands) Finance Leases Operating Leases Total
Remainder of 2021 $ 177  $ 597  $ 774 
2022 177  947  1,124 
2023 112  921  1,033 
2024 609  613 
2025 —  122  122 
Thereafter —  124  124 
Total minimum lease payments 470  3,320  3,790 
Less: imputed interest 295  303 
Present value of minimum lease payments 462  3,025  3,487 
Less: current portion 216  713  929 
Long-term portion $ 246  $ 2,312  $ 2,558 
Rent expense under operating leases was approximately $0.3 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively.
The majority of our finance lease obligations relate to leased warehouse equipment. Payments under our finance lease agreements are fixed for terms ranging from three to five years. We recorded approximately $0.5 million and $0.4 million, respectively, of finance lease assets, net within "property and equipment, net" as of March 31, 2021 and December 31, 2020, and the related liabilities within "current portion of finance leases" and "finance leases, less current portion" in our condensed consolidated balance sheets.
The following expenses related to our finance and 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, 2021:
(in thousands) March 31, 2021
Finance lease costs
Amortization of leased assets $ 54 
Interest of lease liabilities
Operating lease costs
Operating lease cost
250 
Variable lease cost
39 
Total lease costs $ 348 
The table below presents lease-related terms and discount rates as of March 31, 2021:
March 31, 2021
Weighted average remaining lease terms  
Operating leases 3.6 years
Finance leases 2.3 years
Weighted average discount rate
Operating leases 4.9  %
Finance leases 4.2  %
Greenlane as a Lessor
As of March 31, 2021, we had five operating leases for office space leased to third-party tenants in our corporate headquarters building in Boca Raton, Florida. Rental income of approximately $0.2 million for the three months ended March 31, 2021 and 2020, was 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:
(in thousands) Rental Income
Remainder of 2021 $ 534 
2022 199 
2023 99 
2024 77 
2025 53 
Total $ 962