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Leases | 12 Months Ended
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Dec. 31, 2023
Leases |
Leases | 7. Leases The Company’s real estate lease for the use of office space was subleased during the year ended December 31, 2023. The Company determines whether an arrangement contains a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that the Company will exercise that option. The Company’s current operating lease has a remaining fixed payment term of 0.75 years. The table below presents supplemental information related to the operating lease: Schedule of Supplemental Information Related to Operating Leases
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Operating lease costs during the year (1) |  | $ | 1,052 |  |  | $ | 969 |
Cash payments included in the measurement of operating lease liability during the year |  |  | 486 |  |  |  | 469 |
Weighted-average remaining lease term (in years) as of year-end |  |  | 0.75 |  |  |  | 1.75 |
Weighted-average discount rate during the year |  |  | 9.90 | % |  |  | 9.90 | %
(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 lease 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 follows: Schedule of Operating Lease Costs
|  | 2023 |  |  | 2022 |
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Operating lease costs: |  |  |  |  |  |  |  |
General and administrative |  |  | 1,344 |  |  |  | 1,187 |
Total operating costs (1) |  |  | 1,344 |  |  |  | 1,187 |
Less sublease income |  |  | (292 | ) |  |  | (218 | )
Total operating lease costs |  | $ | 1,052 |  |  | $ | 969 |
(1) |  | Includes certain costs associated with a business membership agreement (see below) that permits access to certain office space for the years ended December 31, 2023 and 2022 of $620 and $668, respectively, and month-to-month lease arrangements for the years ended December 31, 2023 and 2022 of $396 and $320, respectively.
Maturities of the operating lease liability as of December 31, 2023 are summarized as follows: Summary of Maturity of Lease Liabilities
Minimum lease payments - 2024 |  | $ | 373 |
Less imputed interest |  |  | (15 | )
Present value of operating lease liability |  | $ | 358 |
Current portion of operating lease liability |  | $ | 358 |
Long-term portion of operating lease liability |  |  | - |
Total operating lease liability |  | $ | 358 |
Sublease Agreement – The Company has entered into agreements to sublease certain space that it does not occupy, through the duration of the lease terms, with one sublease through September 2024 and two other subleases through March 2024. As of December 31, 2023, the Company is entitled to receive total sublease income of $537. 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, referred to as SaksWorks Memberships. This membership provides a certain number of accounts that equate to the use of the space granted. Effective June 1, 2022, the SaksWorks membership agreement was amended and assigned to Convene SW MSA Holdings, LLC (“Convene”). The initial term of the agreement with Convene was through December 31, 2023, with provisions for renewals. The Company terminated the arrangement effective December 31, 2023. Lease Termination – Effective September 30, 2021, the Company terminated a certain lease arrangement for office space. In connection with the termination, the Company agreed to pay the landlord cash of $10,000 (the “Cash Payments”) and $1,475 in market rate advertising. The Cash Payments were paid or remain due as follows: $1,000 paid in December 2021; $1,000 paid in October 2022; $4,000 paid in October 2023; and $4,000 due on October 1, 2024, with imputed interest recognized at 10.0% per annum, and the market advertising of $615 has been delivered during the year ended December 31, 2023, leaving $860 to be delivered as of December 31, 2023, with the current amount due, net of imputed interest, reflected in accrued expenses and other on the consolidated balance sheets.

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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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