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Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

3. Leases

In March 2019, the Company entered into a lease agreement for office space in Foster City, California which expires October 2024. The Company has the option to extend the lease agreement for a period of five years. Additionally, the Company leases office space in Shanghai and Suzhou China.

Components of lease cost are as follows:

		Three Months Ended			Nine Months Ended
(in thousands)		September 30, 2022			September 30, 2022
Operating lease cost		$	145		$	450
Short-term cost			13			40
Total lease cost		$	158		$	490
Weighted-average remaining lease term						2.02
Weighted-average discount rate						6.00	%

The Company's future minimum lease payments are as follows:

(in thousands)		Operating Leases
2022		$	177
2023			716
2024			559
2025 and thereafter			—
Total lease payments			1,452
Less: Imputed interest			(85	)
Present value of lease liabilities			1,367
Less: Current portion of lease liabilities			(665	)
Total lease liabilities, non-current		$	702

The future minimum annual lease payments required under the Company’s existing operating lease agreements as of December 31, 2021 prior to the adoption of ASC 842 were as follows:

(in thousands)		Operating Leases
2022		$	669
2023			652
2024			559
2025 and thereafter			—
Total		$	1,880

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- References

No definition available.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI https://asc.fasb.org/topic&trid=2208923

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