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Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases |
6. | Leases:
The Company has one operating lease for research laboratories and office space in Burnaby, British Columbia. In October 2020, the Company entered into a lease amendment for a 21–month committed term from October 1, 2020 to June 30, 2022 and a renewal option for a portion of the facility for a 5-year term that was reasonably certain of exercise was included in the determination of the right-of-use asset and lease liability. The cost components of the operating lease were as follows for the three and six months ended June 30, 2021 and 2020:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 140 |  |  | $ | 151 |  |  | $ | 279 |  |  | $ | 260 |
Variable lease expense(1) |  |  | 190 |  |  |  | 132 |  |  |  | 374 |  |  |  | 267 |
Lease Term and Discount Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Remaining lease term (years) |  |  | 6.00 |  |  | 1.75 |  |  |  | 6.00 |  |  | 1.75 |
Discount rate |  |  | 2.45 | % |  |  | 3.75 | % |  |  | 2.45 | % |  |  | 3.75 | %
| (1) | Variable lease costs are payments that vary because of changes in facts or circumstances and include common area maintenance and property taxes related to the premises. Variable lease costs are excluded from the calculation of minimum lease payments.
Future minimum lease payments as of June 30, 2021 were as follows:
Year ending December 31: |
2021 |  | $ | 416 |
2022 |  |  | 713 |
2023 |  |  | 584 |
2024 |  |  | 584 |
2025 and thereafter |  |  | 1,460 |
Total future minimum lease payments |  | $ | 3,757 |
Less: imputed interest |  |  | (252 | )
Present value of lease liabilities |  | $ | 3,505 |

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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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