Effective March 1, 2013, the Company entered into a lease for office space in New Haven, CT and commencing March 1, 2018, the Company entered into the First Amendment to the lease (collectively, the “Office Space Lease”). The leased space approximates 5,600 square feet and the Office Space Lease has a term of 60 months. The Office Space Lease

requires monthly payments ranging from approximately $10 to $12 through February 1, 2023 and provides for two designated months of free rent.

The incremental borrowing rate used on the Office Space Lease was 13.0%. The right-of-use asset also includes any lease payments related to initial direct costs and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. The Company had no new leases during the years ended December 31, 2021 and 2020.

The Office Space Lease is an operating lease and the remaining term as of December 31, 2021 is approximately 1.2 years. The Company has no financing leases. The following table summarizes the Company’s operating lease as presented on its Consolidated Balance Sheets:

	December 31, 2021		December 31, 2020
Assets:
Operating lease right-of-use asset	$	131	$	227
Liabilities:
Operating lease liabilities, current portion		120		113
Operating lease liabilities, long term portion		24		144
Total operating lease liabilities	$	144	$	257

Future minimum lease payments from December 31, 2021 until the expiration of the operating lease are as follows:

2022	$	131
2023		24
Total lease payments		155
Less: imputed discount rate		(11	)
Carrying value of operating lease liabilities	$	144

Lease expense under operating leases, including leases of office equipment, was $120 and $124 for the years ended December 31, 2021 and 2020, respectively. Lease payments made were $139 and $138 in the years ended December 31, 2021 and 2020, respectively, with such amounts reflected in the Consolidated Statements of Cash Flows in operating activities.