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LEASES

6 Months Ended

Jun. 30, 2021

NOTE 4—LEASES

OmniMetrix leases office space and office equipment under operating lease agreements. The office lease expires on September 30, 2025. The office equipment lease commenced in April 2019 and has a sixty-month term. Operating lease payments for the six months ended June 30, 2021 and 2020 were approximately $60,000 and $38,000, respectively. Operating lease payments for the three months ended June 30, 2021 and 2020 were approximately $30,000 and $10,000, respectively. The future minimum lease payments on non-cancellable operating leases as of June 30, 2021 using a discount rate of 4.5% are $494,000. Supplemental balance sheet information related to leases consisted of the following:

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

	2021		2020
	June 30,
	2021		2020
Cash paid for operating lease liabilities	$	60	$	38

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

		2021
Weighted average remaining lease terms for operating leases			4.23

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 unaudited condensed consolidated balance sheet as of June 30, 2021 (in thousands):

	Twelve-month period ended June 30,
2022	$	123
2023		126
2024		129
2025		131
2026		33
Total undiscounted cash flows		542
Less: Imputed interest		(48	)
Present value of operating lease liabilities (a)	$	494

(a)

Includes current portion of $103,000 for operating leases.