The Company’s leases include facility leases and storage leases. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. The Company estimates its incremental borrowing rate based on qualitative factors including company specific credit offers, lease term, general economics, and the interest rate environment.

In September 2019, the Company entered into a noncancelable operating lease for approximately 10,823 square feet of primary office space, which expired on July 31, 2021, without the option to extend.

On February 5, 2021, the Company entered into a lease to renew the corporate headquarters in Menlo Park, California. The lease commenced on August 1, 2021 and is for a term of 37 months from the commencement date. The Company recorded an aggregate right-of-use ("ROU") asset and lease liability of $1.5 million. The ROU asset and corresponding lease liability were estimated using a weighted-average incremental borrowing rate of 13.59%. Total base rent is approximately $1.6 million under the lease agreement.

The Company recognizes rent expense on a straight-line basis over the noncancelable lease term. The Company’s rent expense was $0.7 million and $0.7 million for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, the remaining lease term for the lease was 2.6 years.

Operating lease expense and supplemental cash flow information related to operating leases for the years ended December 31, 2021 and 2020 were as follows (in thousands):


	Year Ended December 31,
	2021		2020
Operating lease expense	$	702	$	663
Cash paid for operating leases		657		694
New operating lease assets obtained in exchange for operating lease liabilities		1,537		—

Aggregate future minimum lease payments at December 31, 2021 under these noncancelable operating leases was as follows (in thousands):


	As of December 31,
	2021
2022	$	693
2023		706
2024		462
Total future minimum lease payments	$	1,861
Less: imputed interest		(311	)
Present value of future minimum lease payments	$	1,550
Less: current portion of operating lease liability		(510	)
Operating lease liabilities - noncurrent	$	1,040

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.

The Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as a director may be subject to any proceeding arising out of acts or omissions of such director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director liability insurance. This insurance allows the transfer of risk associated with the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations as of December 31, 2021 and 2020.

From time to time, we may become involved in legal proceedings arising in the ordinary course of business. We are not currently a party to any material legal proceedings.