Leases |
9 Months Ended | |||||||||||||||||||||||||||||||||||
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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 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 . Also, at September 30, 2022, current lease liability
of $39,000 is included in and long term lease liability was $77,000 and included in .
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
Maturity of operating lease as of September 30, 2022 in thousands:
The
discount rate used in calculating the present value of the lease payments was 11%.
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