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Leases

9 Months Ended

Sep. 30, 2022

NOTE 10. LEASES

The Company entered into an operating lease for office space located in New York. The lease has an initial term of 64 months, commencing on February 1, 2022. The lease does not provide the Company with renewal options.

Total rent expense was approximately $0.4 million and $1.0 million for the three and nine months ended September 30, 2022, respectively, which includes an immaterial amount of less than $0.1 million for short-term lease costs during both the three and nine months ended September 30, 2022. The Company did not incur any variable lease costs during the periods presented.

Supplemental information related to the lease was as follows (dollar amounts in thousands):


	Nine Months Ended
	September 30, 2022
Operating cash flows - operating leases	$	395
Right-of-use assets obtained in exchange for operating lease liabilities	$	5,859
Weighted-average remaining lease term – operating leases (in years)		4.7
Weighted-average discount rate – operating leases		10.9	%

As of September 30, 2022, future minimum operating lease payments during the next five years are as follows (amounts in thousands):


Remaining Period Ended December 31, 2022	$	395
Year Ended December 31, 2023		1,581
Year Ended December 31, 2024		1,581
Year Ended December 31, 2025		1,581
Year Ended December 31, 2026		1,581
Year Ended December 31, 2027		659
Total		7,378
Less present value discount		(1,614	)
Operating lease liabilities	$	5,764