The Company’s leases consist primarily of operating leases for administrative office space, research and development facilities, a manufacturing facility, and sales offices in various countries around the world. The Company determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease components, which are accounted for as a single lease component. Total rent expense was $0.4 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

Initial lease terms are determined at commencement and may include options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Remaining lease terms range from one to five years, some of which include options to extend for up to five years. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. As the Company’s leases do not provide an implicit rate, the present value of future lease payments is determined using the Company’s incremental borrowing rate based on information available at the lease commencement date.

The table below reconciles the undiscounted cash flows for the first five years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2023 (in thousands):


	March 31, 2023
2023 (remaining nine months)	$	1,063
2024		1,285
2025		1,051
2026		836
2027		798
Thereafter		13
Total minimum lease payments		5,046
Less: amount of lease payments representing interest		(476	)
Present value of future minimum lease payments		4,570
Less: current liabilities under operating leases		(1,199	)
Long-term operating lease liabilities	$	3,371

As of March 31, 2023, the weighted average remaining lease term for the Company’s operating leases was 3.0 years, and the weighted average discount rate used to determine the present value of the Company’s operating leases was 6.3%.