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Leases | 12 Months Ended
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Dec. 31, 2022
Leases |
Leases | Note 9: Leases Leasing activity generally consists of office leases. In March 2019, a new lease was signed to move the corporate headquarters to Raleigh, North Carolina. The new lease, which had a lease commencement date of October 2, 2019, expires December 31, 2027. Minimum lease payments are $2,997,000, not including a tenant improvement allowance of $488,000, which is included in fixed assets as of December 30, 2022 and 2021. The Company recognized a ROU asset and corresponding lease liability of $2,596,000, which represents the present value of minimum lease payments discounted at 3.77%, the Company’s incremental borrowing rate at lease inception. Lease liabilities totaled $1,708,000 and $2,017,000 as of December 31, 2022 and 2021, respectively. The current portion of this liability of $369,000 is included in Accrued expenses on the Consolidated balance sheets and the long-term portion of $1,339,000 is included in Lease liabilities on the Consolidated Balance Sheet as of December 31, 2022. Rent expense consists of both operating lease expense from amortization of our ROU assets as well as variable lease expense which consists of non-lease components of office leases (i.e. common area maintenance) or rent expense associated with short-term leases. The components of lease expense were as follows (in 000’s):
|  | Year ended December 31, 2022 |  |  | Year ended December 31, 2021 |
Lease expense |  |  |  |  |  |
Operating lease expense |  | $ | 304 |  |  | $ | 347 |
Variable lease expense |  |  | 98 |  |  |  | 116 |
Rent expense |  | $ | 402 |  |  | $ | 463 |
The weighted-average remaining non-cancelable lease term for our operating leases was 5 years as of December 31, 2022. As of December 31, 2022, the weighted-average discount rate used to determine the lease liability was 3.77%. The future minimum lease payments to be made under non-cancelable operating leases on December 31, 2022, are as follows (in 000’s):
Year Ended December 31: |  |  |
2023 |  | $ | 370 |
2024 |  |  | 379 |
2025 |  |  | 389 |
2026 |  |  | 400 |
2027 |  |  | 413 |
Total lease payments |  |  | 1,951 |
Present value adjustment |  |  | (243 | )
Lease liability |  | $ | 1,708 |
We have performed an evaluation of our other contracts with customers and suppliers in accordance with Topic 842 and have determined that, except for the leases described above, none of our contracts contain a lease.

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