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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
LEASES | 10. LEASES The Company leases offices space under non-cancelable operating leases, with terms ranging from one to five years. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of right of use assets and lease liabilities. Lease expense for lease payment is recognized on a straight-line basis over the lease term. Leases with initial term of 12 months or less are not recorded on the balance sheet. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company discount lease payments based on an estimate of its incremental borrowing rate. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to operating lease was as follows:
|  | December 31, 2021 |  |  | December 31, 2022 |
Right-of-use assets |  | $ | 1,298 |  |  | $ | 750 |
Lease liabilities current |  | $ | 291 |  |  | $ | 208 |
Lease liabilities non-current |  |  | 1,127 |  |  |  | 471 |
Total operating lease liabilities |  | $ | 1,418 |  |  | $ | 679 |
The weighted average remaining lease terms and discount rates for the operating lease were as follows as of December 31, 2022:
Remaining lease term and discount rate: |  |  |
Weighted average remaining lease term (years) |  |  | 2.10 |
Weighted average discount rate |  |  | 5.55 | %
For the years ended December 31, 2020, 2021 and 2022, the Company incurred total operating lease expenses of $533, $535 and $454, respectively. The following is a schedule, by fiscal years, of maturities of lease liabilities as of December 31, 2022:
2023 |  |  | 241 |
2024 |  |  | 482 |
Total lease payments |  |  | 723 |
Less: imputed interest |  |  | 44 |
Present value of lease liabilities |  | $ | 679 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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