RIGHT OF USE ASSET

3 Months Ended

Mar. 31, 2022

Right Of Use Asset

RIGHT OF USE ASSET

NOTE 7–RIGHT OF USE ASSET

Lease Agreement

In January 2020, the Company entered into a lease agreement commencing February 8, 2020 for its current facility which expires in 2025. The term of the lease is for five years. At inception of the lease, the Company recorded a right of use asset and liability. The Company used an effective borrowing rate of 12% within the calculation. The following are the expected lease payments as of March 31, 2022, including the total amount of related imputed interest (in thousands):

Years ended December 31:

2022	$	64
2023		88
2024		90
2025		7
Operating Lease Total		249
Less: Imputed interest		(39	)
Total	$	210

The rent expense was $15 thousand and $15 thousand for the three months ended March 31, 2022 and 2021, respectively.