Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.22.1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]  
Summary of Quantitative Information Associated with Amounts Recognized in Unaudited Condensed Consolidated Financial Statements for Lease The following table summarizes certain quantitative information associated with the amounts recognized in the unaudited condensed consolidated financial statements for the Lease (dollars in thousands):

 

 

 

 

Three Months Ended March 31,

 

 

 

 

2022

 

 

2021

 

Operating lease cost

 

 

$

166

 

 

$

166

 

Variable lease cost

 

 

 

(3

)

 

 

(2

)

Total operating lease expense

 

 

$

163

 

 

$

164

 

 

 

 

 

 

 

 

 

 

 

Cash paid for amounts included in the measurement of operating lease liability

 

 

$

174

 

 

$

170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2022

 

 

December 31, 2021

 

Remaining Lease term (years)

 

 

7.34

 

 

 

7.59

 

Discount rate

 

 

 

15

%

 

 

15

%

 

Future Minimum Lease Payments Future minimum lease payments for the Lease as of March 31, 2022 are as follows (in thousands):

 

 

 

March 31, 2022

 

2022

 

$

354

 

2023

 

 

715

 

2024

 

 

730

 

2025

 

 

744

 

2026

 

 

759

 

Thereafter

 

 

2,030

 

Total

 

$

5,332

 

 

Presentation of Operating Lease Liability

The presentations of the operating lease liability as of March 31, 2022 are as follows (in thousands):

 

 

 

March 31, 2022

 

Present value of future minimum lease payments

 

$

3,215

 

 

 

 

 

 

Operating lease liability, current portion

 

$

77

 

Operating lease liability, long-term portion

 

 

3,138

 

Total operating lease liability

 

$

3,215

 

 

 

 

 

 

Difference between future minimum lease payments and discounted cash flows

 

$

2,117