Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases Leases
The Company has operating leases for administrative offices in the United States (California), Canada, India, the United Kingdom, Germany, and the Philippines.

The Company terminated the lease in Ratingen, Germany in January 2021. The Company entered into two new operating leases for its administrative offices in Ratingen, Germany, both from February 1, 2021 through January 1, 2023. The monthly lease rate is $2,618 and $1,053 per month.

As part of the acquisition of IntraNav on December 9, 2021. the Company acquired right-of-use assets and lease liabilities related to an operating lease for an office space (the IntraNav office) located in Frankfurt, Germany. This lease expires on January 6, 2025 and the current lease rate is approximately $9,753 per month.

The Company entered into two new operating leases for its administrative office in Hyderabad, India and Manila, Philippines. The Hyderabad, India and Manila, Philippines office lease expires on March 25, 2025 and May 14, 2025, respectively.
The Company has no other operating or financing leases with terms greater than 12 months.
Right-of-use assets are summarized below (in thousands):
As of June 30, 2022 As of December 31, 2021
Palo Alto, CA Office $ 631  $ 631 
Hyderabad, India Office 358  359 
Coquitlam, Canada Office 95  97 
Westminster, Canada Office —  10 
Toronto, Canada Office 593  949 
Ratingen, Germany Office 83  90 
Berlin, Germany Office 494  536 
Slough, United Kingdom Office —  34 
Frankfurt, Germany Office 287  312 
Manila, Philippines Office 250  — 
Less accumulated amortization (1,209) (1,282)
Right-of-use asset, net $ 1,582  $ 1,736 
Lease expense for operating leases recorded in the balance sheet is included in operating costs and expenses and is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. Operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statement of income for the three months ended June 30, 2022 and 2021 was $0.3 million and $0.3 million, respectively, and for the Six months ended June 30, 2022 and 2021 was $0.7 million and $0.6 million, respectively.
Lease liability is summarized below (in thousands):
As of June 30, 2022 As of December 31, 2021
Total lease liability $ 1,622  $ 1,751 
Less: short term portion (600) (643)
Long term portion $ 1,022  $ 1,108 
Maturity analysis under the lease agreement is as follows (in thousands):
Year ending December 31, 2022 $ 412 
Year ending December 31, 2023 546 
Year ending December 31, 2024 457 
Year ending December 31, 2025 279 
Year ending December 31, 2026 99 
Total $ 1,793 
Less: Present value discount (171)
Lease liability $ 1,622 
Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company used its incremental borrowing rate based on the information available at the date of adoption of ASC 842, Leases ("ASC 842"). As of June 30, 2022, the weighted average remaining lease term is 3.97 years and the weighted average discount rate used to determine the operating lease liabilities was 6.4%.