XML 18 R12.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Operating Leases - ROU Assets and Lease Liability Obligations | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases [Abstract] |
Operating Leases - ROU Assets and Lease Liability Obligations | 4. Operating Leases – ROU Assets and Lease Liability Obligations The Company has only one operating lease (the “Office Lease”), which is for office space under a lease that commenced on March 1, 2022 and expires on July 31, 2027 (the “Term”). Below is a summary of the Company’s ROU assets and lease liabilities as of March 31, 2024 and December 31, 2023 (in thousands, except for years and %):
|  | March 31, 2024 |  |  |  | December 31, 2023 |  |
Right-of-use assets |  | $ | 1,052 |  |  |  | $ | 1,126 |  |
Lease liability obligations, current |  | $ | 329 |  |  |  | $ | 324 |  |
Lease liability obligations, less current portion |  |  | 852 |  |  |  |  | 936 |  |
Total lease liability obligations |  | $ | 1,181 |  |  |  | $ | 1,260 |  |
Weighted-average remaining lease term |  | 3.33 years |  |  |  | 3.58 years |  |
Weighted-average discount rate |  |  | 3.00 |  | % |  |  | 3.00 |  | %
During each of the three months ended March 31, 2024 and 2023, the Company recogniz ed $86,000 in operating lease expenses, which are included in operating expenses in the Company’s consolidated statement of operations. Approximate future minimum lease payments for the Company’s ROU assets over the remaining lease period as of March 31, 2024 are as follows (in thousands):
Remainder of 2024 |  | $ | 269 |  |
2025 |  |  | 368 |  |
2026 |  |  | 379 |  |
2027 |  |  | 227 |  |
Total minimum lease payments |  | $ | 1,243 |  |
Less: amount representing interest |  | $ | (62 | ) |
Total lease liability obligations |  | $ | 1,181 |  |
The Office Lease provides the Company with an option to extend the term of the Office Lease for a period of five years beyond the Term. If the option is exercised, the renewal term will be upon the same terms and conditions as the original Term, except that the base rent will be equal to the prevailing market rate as determined pursuant to the terms of the Office Lease. The option to extend the Term was not recognized as part of the Company’s lease liability and right-of-use assets.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration