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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | 9. LEASES On January 1, 2022, we adopted Accounting Standards Update (“ASU”) 2016-02 and all subsequent amendments, collectively codified in ASC Topic 842, “Leases” (“Topic 842”). The guidance requires modified retrospective adoption, either at the beginning of the earliest period presented or at the beginning of the period of adoption. We elected to apply the guidance at the beginning of the period of adoption and recorded right-of-use (ROU) leased assets of $14,302. In conjunction with this, we recorded lease liabilities, which had been discounted at our incremental borrowing rates, of $15,933. The adoption of ASC 842 had no effect on retained earnings. The Company leases its office facility under a noncancelable operating lease agreement that expires in March 2032. The operating lease includes variable lease payments, which are primarily related to common area maintenance and taxes. Lease expense for the years ended December 31, 2023 and 2022 was $2,137 and $2,210, respectively. A summary of the components of lease costs for the Company under ASC 842 for the years ended December 31, 2023 and 2022 were as follows:
|  | December 31, |
Lease costs |  | 2023 |  |  | 2022 |
Operating lease costs |  | $ | 2,137 |  |  | $ | 2,210 |
Variable lease costs |  |  | 530 |  |  |  | 504 |
Total lease costs |  | $ | 2,667 |  |  | $ | 2,714 |
Supplemental disclosure of cash flow information related to leases for the years ended December 31, 2023 and 2022 was as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Cash paid |  | $ | 2,162 |  |  | $ | 1,644 |
Cash received |  | $ | — |  |  | $ | (1,200 | )
Total cash paid for amounts included in the measurement of operating lease liabilities (operating cash flows) |  | $ | 2,162 |  |  | $ | 444 |
The weighted-average remaining lease term and discount rate were as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease term (in years) |  |  | 8.3 |  |  |  | 9.3 |
Weighted-average discount rate |  |  | 8.74 | % |  |  | 8.74 | %
The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2023:
Years Ended December 31, |  |  |
2024 |  |  | 2,286 |
2025 |  |  | 2,358 |
2026 |  |  | 2,430 |
2027 |  |  | 2,502 |
2028 |  |  | 2,574 |
Thereafter |  |  | 8,856 |
Total future minimum lease payments |  | $ | 21,006 |
Less imputed interest |  |  | (6,174 | )
Carrying value of lease liabilities |  | $ | 14,832 |

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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 + Details
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