Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.22.2.2
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating lease cost

 

$

166

 

 

$

166

 

 

$

498

 

 

$

498

 

Variable lease cost

 

 

8

 

 

 

9

 

 

 

13

 

 

 

18

 

Total operating lease expense

 

$

174

 

 

$

175

 

 

$

511

 

 

$

516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

118

 

 

$

116

 

 

$

350

 

 

$

343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Remaining Lease term (years)

 

 

 

 

 

 

 

 

6.84

 

 

 

7.59

 

Discount rate

 

 

 

 

 

 

 

 

15

%

 

 

15

%

 

Future Minimum Lease Payments

Future minimum lease payments for the Lease as of September 30, 2022 are as follows (in thousands):

 

 

 

September 30, 2022

 

2022

 

$

177

 

2023

 

 

715

 

2024

 

 

730

 

2025

 

 

744

 

2026

 

 

759

 

Thereafter

 

 

2,030

 

Total

 

$

5,155

 

Presentation of Operating Lease Liability

The presentations of the operating lease liability as of September 30, 2022 are as follows (in thousands):

 

 

 

September 30, 2022

 

Present value of future minimum lease payments

 

$

3,267

 

 

 

 

 

Operating lease liability, current portion

 

$

269

 

Operating lease liability, long-term portion

 

 

2,998

 

Total operating lease liability

 

$

3,267

 

 

 

 

 

Difference between future minimum lease payments and discounted cash flows

 

$

1,888