Leases

3 Months Ended

Mar. 31, 2022

NOTE

. LEASES

The Company has been subleasing space in Indiana since March 1, 2020. The Company executed a new sublease for this space that was effective on February 1, 2021 and expires on August 30, 2023. The sublease does not provide the Company with any renewal options. The Company allows others to sublease a portion of the space from the Company for less than a

one-year

period.

The following table summarizes quantitative information about the Company’s operating leases for the period indicated (in thousands):


	Three Months Ended March 31, 2022
Operating leases
Operating lease cost	$	38
Less: sublease income		(16	)

Operating lease expense		22
Short-term lease rent expense		5

Total rent expense	$	27

Supplemental information related to the Indiana lease was as follows (dollar amounts in thousands):


	Three Months Ended March 31, 2022
Operating cash flows from operating leases	$	38
Right-of-use assets obtained in exchange for operating lease liabilities	$	233
Weighted-average remaining lease term – operating leases		1.4
Weighted-average discount rate – operating leases		10.0	%

As of March 31, 2022, the present value of maturities of the Company’s operating lease liabilities were as follows:


Remaining Period Ended December 31, 2022	$	115
Year Ended December 31, 2023		102

Total		217
Less: present value discount		(16	)

Operating lease liabilities	$	201

The Company recognizes sublease income in other income, net on its condensed statements of operations and comprehensive loss. The Company expects to recognize approximately $16,000 in sublease income for the remainder of 2022.

Prior to the adoption of ASC 842, and for the three months ended March 31, 2021, the Company recognized rent expense on a straight-line basis over the lease period and recorded deferred rent expense for rent expense incurred but not yet paid. During the three months ended March 31, 2021, the Company recognized total rent expense of approximately $27,000 and recognized sublease income of approximately $9,000.

Disclosures related to periods prior to adoption of ASC 842 included approximate future minimum rental payments due under the Company’s leases as of December 31, 2021 as follows:


Year ended December 31, 2022	$	153
Year ended December 31, 2023		102

Total	$	255