Leases |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Leases | Note 5 — Leases:
The Company entered into a seven-year operating lease agreement in March 2020 for an office space at 300 Connell Drive, Berkeley Heights, New Jersey 07922. The lease agreement, with a monthly average cost of approximately $17,000 commenced in September 2020.
The Company entered into an operating lease for office space in Germany that began in July 2017. The rental agreement has a three-month term which automatically renews and includes a monthly cost of 400 Euros. The Company elected to apply the short-term practical expedient to the office lease. The Company also has an operating lease for office equipment.
Operating lease expense in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months and six months ended June 30, 2022 was approximately $52,000 and $104,000, respectively, and $52,000 and $105,000 for the three and six months ended June 30, 2021, respectively, which includes costs associated with leases for which ROU assets have been recognized as well as short-term leases.
At June 30, 2022, the Company has a total operating lease liability of $864,000, of which $127,000 was classified as operating lease liabilities, short-term and $737,000 was classified as operating lease liabilities, net of current portion, on the condensed consolidated balance sheet. At December 31, 2021, the Company’s total operating lease liability was $924,000 of which $122,000 was classified as operating lease liabilities, short-term and $802,000 was classified as operating lease liabilities, net of current portion, on the condensed consolidated balance sheet. Operating ROU assets as of June 30, 2022 and December 31, 2021 are $838,000 and $900,000, respectively.
For the three and six months ended June 30, 2022, cash paid for amounts included in the measurement of lease liabilities in operating cash flows from operating leases was $50,000 and $100,000, respectively, and $45,000 and $97,000 for the three and six months ended June 30, 2021, respectively.
The weighted average remaining lease term as of June 30, 2022 and 2021 were 5.3 and 6.3 years, respectively, and the weighted average discount rate for operating leases was 9% at June 30, 2022 and 2021.
As of June 30, 2022, maturities of lease liabilities were as follows:
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