Leases

9 Months Ended

Sep. 30, 2021

As of September 30, 2021, the Company had one leased property used as office facilities with a remaining lease term of 1.1 years, and one leased property that was classified as a “short-term” lease. In accordance with Topic 842, leases with a term of 12 months or less are not recorded on the Company’s condensed consolidated balance sheet. For the office facilities, the Company recognizes a right-of-use-asset and lease liability in accordance with Topic 842. The liability and asset are then amortized as payments are made. Adoption of Topic 842 resulted in the recording of a right-of-use asset and lease liability of approximately $3.2 million and $3.3 million, respectively, as of January 1, 2020.

Future minimum payments required under operating leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands):


	September 30, 2021
	Operating leases		Finance leases
2021	$	273	$	30
2022	911		101
Thereafter	—		—
	$	1,184	$	131

Leases

Future minimum payments required under operating leases, by year and in aggregate, that have initial or remaining non-cancellable lease terms in excess of one year, are as follows (in thousands):


	September 30, 2021
	Operating leases		Finance leases
2021	$	273	$	30
2022	911		101
Thereafter	—		—
	$	1,184	$	131