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Leases
 6 Months Ended
Jun. 30, 2024
Leases  
Leases

NOTE 5 — Leases

 

All of the Company’s leases are for office space. As of June 30, 2024, all the Company’s leases were short-term leases.

 

The following table shows the activity of the ROU assets:

 

Schedule of Right of Use Assets 

   June 30, 
   2024   2023 
Beginning Balance, January 1  $55   $66 
Additions   —    255 
Amortization   (55)   (138)
Ending Balance, June 30  $—   $183 

 

The following table shows the activity of the lease liability:

 

Schedule of Lease Liability 

   June 30, 
   2024   2023 
Beginning Balance, January 1  $55   $66 
Additions   —    255 
Principal payments   (55)   (138)
Ending Balance, June 30   —    183 
Less short-term portion   —    (183)
Long-term lease liability  $—   $— 

 

For the three months ended June 30, 2024, and 2023, the Company recognized $73 and $75, respectively, of rent expense. For the six months ended June 30, 2024, and 2023, the Company recognized $158 and $138, respectively, of rent expense. The Company did not have any lease extension or termination options on any lease. There were no residual value guarantees in any lease. The weighted-average remaining lease term of the operating leases was approximately zero years as of June 30, 2024, and 0.2 years as of December 31, 2023. The weighted average of the discount rate for each lease as of December 31, 2023, was 8.5%.