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Operating Leases | 12 Months Ended
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Dec. 31, 2023
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 an operating lease for one office which expires in 2025. 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. The Company's lease includes an option 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 the Company's balance sheet as follows (in thousands):
| December 31, 2023 | December 31, 2022
Right-of-Use Assets: |  |
Other assets | $ | 308 |  | $ | 487 |
Total Right-of-Use Asset | $ | 308 |  | $ | 487 |
Operating Lease Liabilities: |  |
Accrued liabilities | $ | 168 |  | $ | 180 |
Other long-term liabilities | 137 |  | 305 |
Total Operating Lease Liabilities | $ | 305 |  | $ | 485 |
As of December 31, 2023, the weighted average remaining lease term for the Company's operating leases was 1.75 years, and the weighted average discount rate for its operating leases was 9.625%. Future minimum lease payments under the lease agreements as of December 31, 2023 were as follows (in thousands):
Years ended | Operating Leases
2024 | 190 |
2025 | 143 |
Total lease payments | 333 |
Less: Amounts representing interest | (28) |
Present value of lease liabilities | $ | 305 |

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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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