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Property leases

12 Months Ended

Dec. 31, 2023

The Company’s Right-of-use assets (“ROU”) relate to rented office space in London, Georgia and two in North Carolina with leases ending in 2025, 2025, 2024 and 2027, respectively.

In the year ended December 31, 2023, the Company entered into a lease arrangement in North Carolina for office space and extended its existing London lease. As a result of these two agreements, the Company recognized a lease liability and a corresponding ROU asset of $2.7 million. Additionally, the supplemental noncash ROU asset obtained in exchange for operating lease liabilities is $2.7 million.

In the year ended December 31, 2022, the Company entered into a lease arrangement in Georgia for office space and extended its existing London lease recognizing a lease liability and a corresponding ROU asset of $0.7 million.

To calculate lease liabilities the Company used a weighted average discount rate of 11% and 4% for the years ended December 31, 2023 and December 31, 2022, respectively. The weighted average remaining lease term as of December 31, 2023 and December 31, 2022 was 3.3 years and 1.5 years, respectively.

Minimum annual payments over the remaining lease periods as of December 31, 2023 are as follows (in thousands):


2024	$	1,175
2025	842
2026	788
2027	784
Total minimum future lease payments	$	3,589
Less: imputed interest	(634)
Total operating lease liabilities	$	2,955

The total operating lease expense included in selling, general and administrative costs was $0.7 million for the year ended December 31, 2023.