Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2023



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, 2023, the Company has right-of-use assets of $1.0 million and a total lease liability for operating leases of $1.0 million of which $0.6 million is included in long-term lease liabilities and $0.4 million is included in current lease liabilities.


At March 31, 2023, 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 2023     $ 365  
2024       369  
2025       209  
2026       62  
2027 and beyond       77  
Included interest       (56 )
      $ 1,026  


During the quarter ended March 31, 2023, the Company entered into lease amendments, resulting in the Company recognizing an additional operating lease liability of approximately $528,000 based on the present value of the minimum rental payments. The Company also recognized a corresponding increase to ROU assets of approximately $528,000.


Operating lease expenses were $0.1 and $0.2 million for the quarters ended March 31, 2023 and 2022, respectively.


Other information related to leases is as follows:


    As of and for the  
Cash paid for amounts included in the measurement of lease liabilities:  
Three Months Ended

March 31, 2023
    Three Months Ended
March 31, 2022
Operating cash flow from operating leases (in thousands)   $ 138     $ 156  
Weighted Average Remaining Lease Term                
Operating leases     2.81 years       2.70 years  
Weighted Average Discount Rate                
Operating leases     3.60 %     1.37 %