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Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases |
5. | Leases
Effective March 1, 2013, the Company entered into a lease for office space in New Haven, CT and commencing March 1, 2018, the Company entered into the First Amendment to the lease (collectively, the “Office Space Lease”). The leased space approximates 5,600 square feet and the Office Space Lease has a term of 60 months. The Office Space Lease requires monthly payments ranging from approximately $10 to $12 through February 1, 2023 and provides for two designated months of free rent. The Company also entered into an immaterial office equipment lease during the three months ended June 30, 2022 that has a term of 36 months. The incremental borrowing rate used on the Office Space Lease was 13.0%. The right-of-use asset also includes any lease payments related to initial direct costs and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company had no significant new leases during the six months ended June 30, 2022. The Office Space Lease is an operating lease and the remaining term as of June 30, 2022 is approximately 0.8 years. The Company has no financing leases. The following table summarizes the Company’s operating lease as presented on its Condensed Consolidated Balance Sheets:
|  | June 30, 2022 |  |  | December 31, 2021 |
Assets: |  |  |  |  |  |  |  |
Operating lease right-of-use asset |  | $ | 82 |  |  | $ | 131 |
Liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities, current portion |  |  | 92 |  |  |  | 120 |
Operating lease liabilities, long term portion |  |  | 3 |  |  |  | 24 |
Total operating lease liabilities |  | $ | 95 |  |  | $ | 144 |
Future minimum lease payments from June 30, 2022 until the expiration of the operating leases are as follows:
2022 |  | $ | 72 |
2023 |  |  | 25 |
2024 |  |  | 2 |
2025 |  |  | 1 |
Total lease payments |  |  | 100 |
Less: imputed discount rate |  |  | (5 | )
Carrying value of operating lease liabilities |  | $ | 95 |
Lease expense under operating leases, including leases of office equipment, was $23 and $30 for the three months ended June 30, 2022 and 2021, respectively, and $61 and $61 for the six months ended June 30, 2022 and 2021, respectively. Lease payments made in the three months ended June 30, 2022 and 2021 were $24 and $35, respectively, and $59 and $69 for the six months ended June 30, 2022 and 2021, respectively, with such amounts reflected in the Condensed Consolidated Statements of Cash Flows in operating activities.

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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