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Leases

3 Months Ended

Mar. 31, 2023

Leases

Leases

Note 12. Leases

BTI leases office space for its corporate headquarters at 555 Long Wharf Drive, New Haven, Connecticut (the “HQ Lease”) under an operating lease that expires in February 2026. The Company has an option to renew the HQ Lease for one additional five-year term. Payments under the HQ Lease are fixed.

The Company also leases equipment such as copiers and information technology equipment.

The future minimum annual lease payments under operating leases, as of March 31, 2023, are as follows:

​

​	​	​	​
Year ending December 31,		Amount
​	​	​	​
Remainder of 2023	​	$	280
2024	​	​	381
2025	​	​	391
2026	​	​	65
2027	​	​	—
Thereafter	​	​	—
Total lease payments	​	$	1,117
Less imputed interest	​	​	(89)
Total lease liability	​	$	1,028
Less current portion of lease liability	​	​	(325)
Long-term portion of operating lease liability	​	$	703

​

The current portion of the Company’s operating lease liability of $325, as of March 31, 2023, is included in Other current liabilities on the Condensed Consolidated Balance Sheets.

Lease expense was $99 and $98 for the three months ended March 31, 2023 and 2022, respectively.

Lease renewal options are not included in the ROU asset or lease liability.

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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