Leases

9 Months Ended

Sep. 30, 2022

8. LEASES

The Company leases office space and vehicles. The leases have remaining lease terms of one to 15 months. On March 25, 2022, the Company entered into an amendment to the lease for its corporate headquarters offices to extend the term through December 31, 2023, and to expand the total square footage from 17,923 square feet to 20,185 square feet commencing on May 1, 2022. The Company’s recognized lease costs include:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Income Statement
Operating lease cost(1)	$	190	$	151	$	519	$	454

(1)

Operating lease cost is recorded within general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.


	Nine Months Ended September 30,
	2022			2021
Weighted-average remaining lease term (months)		15.0			7.5
Weighted-average discount rate		7.6	%		7.6	%

The Company’s variable lease costs and short-term lease costs were not material.

The Company is obligated under various non-cancellable lease agreements providing for office space and vehicles that expire at various dates through 2023. Maturities of lease payments under non-cancellable leases were as follows:


(in thousands)	September 30, 2022
Remainder of 2022	$	186
2023		744
Total lease payments		930
Less Imputed Interest		(46	)
Present value of lease liabilities	$	884