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Operating Lease | 12 Months Ended
--- | ---
Dec. 31, 2021
Operating Lease |
Operating Lease |
3. | Operating Lease
The Company leases certain corporate office space under an operating lease agreement. We determine if an arrangement is a lease at inception. Lease assets are presented as operating lease right-of-use assets and the related liabilities are presented as lease liabilities in our consolidated balance sheets. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest in lease arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. The components of lease expense and supplemental cash flow information related to leases for the period are as follows:
Schedule of components of lease expense |  |  |  |
|  | December 31, |
|  | 2021 |
Lease costs: |  |  |  |
Operating lease (included in general and administrative in the Company’s consolidated statement of operations) |  | $ | 30,000 |
Other information: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 21,000 |
Weighted average remaining lease term – operating leases (in years) |  |  | 3.4 |
Average discount rate – operating leases |  |  | 4% |
The supplemental balance sheet information related to leases for the period is as follows: |  |  |  |
Long-term right-of-use assets |  | $ | 143,000 |
Short-term operating lease liabilities |  | $ | 38,000 |
Long-term operating lease liabilities |  |  | 106,000 |
Total operating lease liabilities |  | $ | 144,000 |
Maturity of the Company’s lease liabilities are as follows:
Schedule of lease maturities |  |  |  |
|  | Operating |
Year Ending December 31: |  | Lease |
2022 |  | $ | 43,000 |
2023 |  |  | 45,000 |
2024 |  |  | 46,000 |
2025 |  |  | 19,000 |
2026 and thereafter |  |  | – |
Total lease payments |  |  | 153,000 |
Less: Imputed interest/present value |  |  | (9,000 | )
Present value of lease liabilities |  | $ | 144,000 |

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- References No definition available. + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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