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Leases

12 Months Ended

Dec. 31, 2020

NOTE 6—LEASES

OmniMetrix leases office space and office equipment under operating lease agreements. The office lease, which had an expiration date of April 30, 2020, was amended in November 2019 and the term was extended to September 30, 2025. The office equipment lease was entered into in April 2019, previously it was month-to-month, and has a sixty-month term. Operating lease payments for 2020 and 2019 were approximately $78,000 and $109,000, respectively. The future minimum lease payments on non-cancelable operating leases as of December 31, 2020 using a discount rate of 4.5% are approximately $542,000. The 4.5% used is the incremental borrowing rate which, as defined in ASC 842, is the rate of interest that a lessee would have to pay to borrow, on a collateralized basis, over a similar term and in a similar economic environment, an amount equal to the lease payments.

Supplemental cash flow information related to leases consisted of the following (in thousands):

	2020		2019
Cash paid for operating lease liabilities	$	78	$	47

Supplemental balance sheet information related to leases consisted of the following:

	2020
Weighted average remaining lease terms for operating leases		4.72

The table below reconciles the undiscounted future minimum lease payments under non-cancelable lease agreements having initial terms in excess of one year to the total operating lease liabilities recognized on the consolidated balance sheet as of December 31, 2020 (in thousands):

	2020
2021	$	121
2022		125
2022		128
2024		129
2025		99
Thereafter		—
Total undiscounted cash flows		602
Less: Imputed interest		(60	)
Present value of operating lease liabilities (a)	$	542

(a)

Includes current portion of approximately $99,000 for operating leases.