Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2022



The Company has various operating lease agreements, which are primarily for office space. These agreements frequently include one or more renewal options and require the Company to pay for utilities, taxes, insurance and maintenance expense. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At March 31, 2022, the Company has right-of-use assets of $0.8 million and a total lease liability for operating leases of $0.8 million of which $0.4 million is included in long-term lease liabilities and $0.4 million is included in current lease liabilities.


At March 31, 2022, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in thousands):


Year Ending December 31,      
Remainder of 2022   $ 354  
2023     169  
2024     145  
2025     149  
Included interest     (15 )
    $ 802  


No new and amendments to operating leases were entered into by the Company during either of the quarters ended March 31, 2022 and 2021.


Operating lease expense was $0.2 million for both the quarters ended March 31, 2022 and 2021.


Other information related to leases is as follows:


Cash paid for amounts included in the measurement of lease liabilities:   Three Months Ended
March 31, 2022
    Three Months Ended
March 31, 2021
Operating cash flow from operating leases (in thousands)   $ 156     $ 158  
Weighted Average Remaining Lease Term                
Operating leases     2.70 years       3.54 years  
Weighted Average Discount Rate                
Operating leases     1.37 %     1.47 %