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Prepaid Expenses and Other Current Assets
6 Months Ended
Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets

As of June 30, 2018, the Company had approximately $560 thousand recorded as prepaid expenses and other current assets. Approximately $245 thousand was related to a deposit made by the Company to Renaissance Lakewood, LLC ("Renaissance") (see Note 9 - Commitments) in August 2017. Per the terms of its agreement with Renaissance, the Company was obligated to make this deposit to fund the initial costs of the product development work to be performed by Renaissance on behalf of the Company. As of June 30, 2018 the Company has a remaining prepaid expense balance of $193 thousand associated with the deposit.

During the six months ended June 30, 2018, the Company prepaid for annual insurance. As of June 30, 2018, the Company has prepaid insurance in the amount of $159 thousand.

During the year ended December 31, 2017, the Company purchased approximately $100 thousand of research and development supplies related to the above referenced product development work being performed by Renaissance. As provided under the agreement with Renaissance, the Company is obligated to pay for all supplies and materials that are needed to complete this product development work. As of June 30, 2018 and December 31, 2017, the amount of remaining prepaid expense was $86 thousand and $100 thousand, respectively because it is estimated that these supplies will be used within 12 months of the reporting date.

The remaining balance consists primarily of prepaid expenses such as rent, other insurance, and software licenses.