v3.25.1
Leases
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases
12. 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 three-month periods ended March 31, 2025 and 2024 was approximately $13,000 for each period and is included in general and administrative expenses. In March 2025, the Company renewed its existing office space lease effective for twelve months at substantially the same terms.  As of March 31, 2025, the right to use lease asset consisted of $66,000 and is included in other assets. Also, at March 31, 2025, current lease liability of $68,000 is included in accrued expenses.  
 
Maturity of operating lease as of March 31, 2025 in thousands:
     
2025
 
 
48
 
2026
 
 
24
 
Total
 
 
72
 
Less imputed interest
 
 
4
 
Present value of lease liability
 
$
68
 
 
The discount rate used in calculating the present value of the lease payments was 14%.