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Leases | 12 Months Ended
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Dec. 31, 2021
Leases |
Leases |
4. | Leases. As of December 31, 2021, the Company leases space under two non-cancelable operating leases for its corporate headquarters and for warehouse space. Both leases have escalating lease payment terms but neither contains a contingent rent provision. The leases for both the Company’s corporate headquarters and its warehouse include both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient to group lease and non-lease components for all leases. The headquarters lease required the Company to provide a letter of credit, supported by an $85,000 deposit, which is reflected as restricted cash on the balance sheet.
| The Company’s leases include options to renew. The exercise of lease renewal options is at the Company’s sole discretion. Therefore, the renewals to extend the lease terms are not included in the Company’s right of use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. The Company used its incremental borrowing rate of approximately 4.8% in determining the present value of the lease payments based on the information available at the lease commencement date.
| The cost components of the Company’s operating leases were as follows:
|  | Year ended December 31, 2021 |
|  | Prior Corporate |  |  | Corporate |  |  | Additional |  |  |  |  |  | Operating |
|  | Headquarters |  |  | Headquarters |  |  | Office Space |  |  | Warehouse |  |  | Leases |
Operating lease cost |  | $ | 38,000 |  |  | $ | 28,000 |  |  | $ | — |  |  | $ | 13,000 |  |  | $ | 79,000 |
Variable lease cost |  |  | 24,000 |  |  |  | 16,000 |  |  |  | — |  |  |  | 12,000 |  |  |  | 52,000 |
Short-term lease cost |  |  | — |  |  |  | — |  |  |  | 28,000 |  |  |  | — |  |  |  | 28,000 |
Total |  | $ | 62,000 |  |  | $ | 44,000 |  |  | $ | 28,000 |  |  | $ | 25,000 |  |  | $ | 159,000 |
|  | Year ended December 31, 2020 |
|  | Prior Corporate |  |  | Corporate |  |  | Additional |  |  |  |  |  |  | Operating |
|  | Headquarters |  |  | Headquarters |  |  | Office Space |  |  | Warehouse |  |  | Leases |
Operating lease cost |  | $ | 150,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 150,000 |
Variable lease cost |  |  | 104,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 104,000 |
Short-term lease cost |  |  | — |  |  |  | — |  |  |  | 40,000 |  |  |  | — |  |  |  | 40,000 |
Total |  | $ | 254,000 |  |  | $ | — |  |  | $ | 40,000 |  |  | $ | — |  |  | $ | 294,000 |
| Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for the Company’s leased corporate headquarters which are paid based on actual costs incurred by the lessor. Maturities of the Company’s lease liabilities for is corporate headquarters and its warehouse operating leases are as follows as of December 31, 2021:
2022 |  | $ | 83,000 |
2023 |  |  | 72,000 |
2024 |  |  | 40,000 |
Total lease payments |  | $ | 195,000 |
Less: Interest |  |  | (11,000 | )
Present value of lease liabilities |  | $ | 184,000 |
| The remaining lease terms as of December 31, 2021 for the Company’s corporate headquarters and its warehouse leases were 2.5 years and 1.2 years, respectively. The cash outflow for operating leases for the years ended December 31, 2021 and December 31, 2020 were $97,000 and $222,000, respectively. Operating lease liabilities and right-of-use assets were increased for new non-cash leases by $219,000 for the year ended December 31, 2021.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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