Leases

6 Months Ended

Jun. 30, 2021

Leases

11. Leases

The Company has one operating lease for its office space which was amended effective January 1, 2019 for a term of 38 months with no residual value guarantees or material restrictive covenants. The amended lease provided for free rent for the first two months of the lease and continues the security deposit of $6,000. In addition to base rental payments included in the contractual obligations table above, the Company is responsible for our pro-rata share of the operating expenses for the building. Our lease cost for the six-month periods ended June 30, 2021 and 2020 was $22,000 for each period and is included in general and administrative expenses. As of June 30, 2021, the right to use lease asset consisted of $28,000 and is included in other assets. Also, at June 30, 2021, current lease liability of $31,000 is included in accrued expenses.

Maturity of operating lease as of June 30, 2021 in thousands:

2021		24
2022		8
Total		32
Less imputed interest		1
Present value of lease liability	$	31

The discount rate used in calculating the present value of the lease payments was 11.04%