Operating Leases

12 Months Ended

Dec. 31, 2020

The Company's principal executive offices was previously at One Penn Plaza, New York, NY. The term of this lease expired in December 2020.

Effective December 1, 2020, the Company changed the location of its principal executive offices to Five Penn Plaza, New York, NY. The Company entered into an office service agreement with Regus Management Group, LLC for use of office space at this location. This agreement currently expires in May 2021.

The Company leases office space located in Cranbury, New Jersey under non-cancelable operating lease arrangements. The lease for the Company's Cranbury office commenced in February 2020 and expires in February 2023.

In December 2020, the Company entered into a lease agreement for office space located in Parsippany, New Jersey. The Company will recognize a right-to-use asset and lease liability when the term of the lease commences, which is expected to be in early 2021. The term of the lease for the Company's Parsippany office will expire in August 2023.

For the years ended December 31, 2020, 2019 and 2018, lease and rent expense was $0.6 million, $1.0 million, and $0.8 million, respectively. Cash paid from operating cash flows for amounts included in the measurement of lease liabilities was $0.6 million and $1.0 million for the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, the Company's operating leases had a weighted average remaining lease term of 2.1 years and a weighted average estimated incremental borrowing rate of 3.4% .

The following presents the maturity of the Company's operating lease liabilities as of December 31, 2020:


	December 31, 2020
2021	$	57
2022	58
2023	5

Total minimum lease payments	120
Less imputed interest	(5)
Present value of minimum lease payments	115
Less current portion	54
Total long-term operating lease liabilities	$	61