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In April 2016, UPL signed an addendum to its November 2014 lease agreement for the Company’s executive offices located in Israel, in order to increase the office space rented and to extend the rent period until 2019. In March 2019, UPL utilized the agreement extension option and extended the rent period for additional three years until August 2022.

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In September 2017, UPI entered into a new lease agreement for its office space in New York, which the Company previously used as its headquarters. The lease agreement commenced in October 2017 and terminates in February 2021. The Company’s remaining contractual obligation under this lease is approximately $0.3 million as of September 30, 2020.

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In April 2018, UPI entered into a new lease agreement for an office in Los Angeles, California. The lease commencement date was July 10, 2018 and terminates in March 2024. The landlord provided a tenant allowance for leasehold improvements of $0.2 million that was accounted for as a lease incentive. The Company’s remaining contractual obligation under this lease is approximately $1.0 million as of September 30, 2020. In November 2019, UPI entered into a sublease for this office space, with a lease commencement date of January 1, 2020 and continuing until the end of the lease term in March 2024. The subtenants exercised their early access clause and moved into the premises the end of November 2019. The remaining rental payments to be received over the lease term is approximately $0.8 million as of September 30, 2020. The Company accounts for the sublease as on operating lease in accordance with ASC 842-10-25-2 and ASC 842-10-25-3. The main lease was considered for impairment and the amount was determined to be immaterial.

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In November 2019, UPI entered into a new lease agreement for an office in Princeton, NJ, which the Company now uses as its headquarters. The lease commencement date was November 29, 2019 and the lease term is 38 months. The Company’s remaining contractual obligation under this lease is approximately $1.3 million as of September 30, 2020.

In addition, the Company has other operating office equipment and vehicle leases. The Company’s operating leases may require minimum rent payments, contingent rent payments adjusted periodically for inflation, or rent payments equal to the greater of a minimum rent or contingent rent. The Company’s leases do not contain any residual value guarantees or material restrictive covenants. The Company’s leases expire at various dates from 2021 through 2023, with varying renewal and termination options.

The components of lease cost for the three and nine months ended September 30, 2020 were as follows (in thousands):

	Three Months Ended September 30, 2020			Nine Months Ended September 30, 2020
Operating lease cost	$	424		$	1,282
Sublease income	$	(56	)	$	(168	)
Variable lease cost		28			114
	$	396		$	1,228

	September 30, 2020
Right of use asset	$	2,652
Long-term lease liability		1,748
Other current liabilities		1,335

Supplemental information related to leases for the periods reported is as follows (in thousands):

	Nine Months Ended September 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		1,306
Right-of-use assets obtained in exchange for new operating lease liabilities		135
Weighted-average remaining lease term of operating leases	2.40 years
Weighted-average discount rate of operating leases	5.42%

As of September 30, 2020 undiscounted cash flows to be received under the Company’s operating sublease on an annual basis was as follows (in thousands):

	Operating Leases
Years ending December 31,
Remainder of 2020	$	57
2021		235
2022		243
2023		251
2024		49
2025 and thereafter	—
	$	835

Sublease income is recognized net within operating expenses. Sublease income for the three and nine months ended September 30, 2020 was as follows (in thousands):

		Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
Sublease income from fixed lease payments		$	56			$	168