v3.22.2.2
Leases
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases

11. Leases


The Company has one operating lease for its office space which was amended effective March 1, 2022 for a term of 38 months with no residual value guarantees or material restrictive covenants. The amended lease provided for free rent for the first six and a half months of the lease and continues the security deposit of $6,000. In addition to base rental payments included in the contractual obligations table above, the Company is responsible for our pro-rata share of the operating expenses for the building. Our lease cost for the nine-month periods ended September 30, 2022 and 2021 was approximately $32,000 for each period and is included in general and administrative expenses. As of September 30, 2022, the right to use lease asset consisted of $93,000 and is included in other assets. Also, at September 30, 2022, current lease liability of $39,000 is included in accrued expenses and long term lease liability was $77,000 and included in other liabilities.



Maturity of operating lease as of September 30, 2022 in thousands:


2022
   
12
 
2023
   
50
 
2024     51  
2025     18  
Total
   
131
 
Less imputed interest
   
15
 
Present value of lease liability
 
$
116
 



The discount rate used in calculating the present value of the lease payments was 11%.