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Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

Note 13. 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 June 30, 2024, are as follows:

​

​	​	​	​
Year ending December 31,		Amount
​	​	​	​
Remainder of 2024	​	$	191
2025	​	​	391
2026	​	​	65
2027	​	​	—
2028	​	​	—
Thereafter	​	​	—
Total lease payments	​	$	647
Imputed interest	​	​	(30)
Total lease liability	​	$	617
Less current portion of lease liability	​	​	(361)
Long-term portion of operating lease liability	​	$	256

​

The current portion of the Company’s operating lease liability of $361 as of June 30, 2024, is included in Other current liabilities on the Condensed Consolidated Balance Sheets.

Lease expense was $99 and $198 for the three and six months ended June 30, 2024 and 2023, 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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