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Operating Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Operating Leases Operating Leases
The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. The Company has operating leases for two offices with terms that expire in 2023 and 2025, respectively. The Company estimates its incremental borrowing rate at lease commencement to determine the present value of lease payments as most of the Company's leases do not provide an implicit rate of return. The Company recognizes lease expense on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, the Company elected to account for non-lease components associated with its leases and lease components as a single lease component. Each of the Company's leases includes options for the Company to extend the lease term and/or sub-lease space in whole or in part.
Operating lease liabilities and right-of-use assets were recorded in the following captions of our balance sheet as follows (in thousands):
December 31, 2021December 31, 2020
Right-of Use Assets:
Other assets$724 $574 
Total Right-of-Use Asset$724 $574 
Operating Lease Liabilities:
Accrued liabilities$229 $370 
Other long-term liabilities485 254 
Total Operating Lease Liabilities$714 $624 
As of December 31, 2021, the weighted average remaining lease term for our operating leases was 2.50 years, and the weighted average discount rate for our operating leases was 9.625%. Future minimum lease payments under the lease agreements as of December 31, 2021 were as follows (in thousands):
Years endedOperating Leases
2022$286 
2023217 
2024190 
2025143 
Total lease payments836 
Less: Amounts representing interest(122)
Present value of lease liabilities$714