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v3.23.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2023
Leases |
Leases | 4. Leases The Company’s real estate lease for the use of office space is subleased (as further described below). The Company’s current lease is a long-term operating lease with a remaining fixed payment term of 1.51 years. The table below presents supplemental information related to operating leases: Schedule of Supplemental Information Related to Operating Leases
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Operating lease costs during the period (1) |  | $ | 240 |  |  | $ | 179 |
Cash payments included in the measurement of operating lease liabilities during the period |  | $ | 121 |  |  | $ | 117 |
Weighted-average remaining lease term (in years) as of period-end |  |  | 1.51 |  |  |  | 2.51 |
Weighted-average discount rate during the period |  |  | 9.9 | % |  |  | 9.9 | %
(1) | Operating lease costs is presented net of sublease income that is not material.
The Company generally utilizes its incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments since the implicit rate for the Company’s leases is not readily determinable. Variable lease expense includes rental increases that are not fixed, such as those based on amounts paid to the lessor based on cost or consumption, such as maintenance and utilities. The components of operating lease costs were as follows: Schedule of Operating Lease Costs
|  | 2023 |  |  | 2022 |
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Operating lease costs: |  |  |  |  |  |  |  |
Cost of revenue |  | $ | - |  |  | $ | - |
Selling and marketing |  |  | - |  |  |  | - |
General and administrative |  |  | 295 |  |  |  | 234 |
Total operating lease costs (1) |  |  | 295 |  |  |  | 234 |
Sublease income |  |  | (55 | ) |  |  | (55 | )
Total |  | $ | 240 |  |  | $ | 179 |
(1) | Includes certain costs associated with a business membership agreement (see below) that permits access to certain office space for the three months ended March 31, 2023 and 2022 of $155 and $170, respectively, and month-to-month lease arrangements for the three months ended March 31, 2023 and 2022 of $76 and $0, respectively.
Maturities of the operating lease liability as of March 31, 2023 are summarized as follows: Summary of Maturity of Lease Liabilities
Years Ending December 31, |  |  |  |
2023 (remaining nine months of the year) |  | $ | 366 |
2024 |  |  | 373 |
Minimum lease payments |  |  | 739 |
Less imputed interest |  |  | (55 | )
Present value of operating lease liability |  | $ | 684 |
Current portion of operating lease liability |  | $ | 442 |
Long-term portion of operating lease liability |  |  | 242 |
Total operating lease liability |  | $ | 684 |
Sublease Agreement – In November 2021, the Company entered into an agreement to sublease its leased office space for the duration of its operating lease through September 2024. As of March 31, 2023, the Company is entitled to receive sublease income of $414. Business Membership – Effective October 1, 2021, the Company entered into a business membership agreement with York Factory LLC, doing business as SaksWorks, that permits access to certain office space with furnishings(the “membership”). This membership provides a certain number of accounts that equate to the use of the space granted, or membership accounts. Effective June 1, 2022, the SaksWorks membership agreement was amended and assigned to Convene SW MSA Holdings, LLC (“Convene”). The term of the membership agreement with Convene is for twenty-seven months from the initial effective date of October 1, 2021 with SaksWorks. The annual membership fee with Convene is $620 ($500 for a dedicated membership area and $120 for minimum membership accounts) payable in equal monthly installments. The membership agreement also provides for: (1) additional membership accounts at predetermined pricing; and (2) renewal of the membership agreement at the end of the term for a twelve-month period at the then-current market price and pricing structure on such renewal date. As of March 31, 2023, the Company had $568 of remaining payments under the membership agreement with Convene.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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