Operating Leases - ROU Assets and Lease Liability Obligations (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Right-of-use Assets and Lease Liabilities

The Company has only one operating lease (the “Office Lease”), which is for office space under a lease that commenced on March 1, 2022 and expires on July 31, 2027 (the “Term”). Below is a summary of the Company’s ROU assets and lease liabilities as of September 30, 2023 and December 31, 2022 (in thousands, except for years and %):

	September 30, 2023			December 31, 2022
Right-of-use assets	$	1,200		$	1,418
Lease liability obligations, current	$	319		$	304
Lease liability obligations, less current portion		1,018			1,260
Total lease liability obligations	$	1,337		$	1,564
Weighted-average remaining lease term	3.83 years			4.58  years
Weighted-average discount rate		3.00	%		3.00	%

Office Space [Member]

Schedule of Future Minimum Lease Payments

Approximate future minimum lease payments for the Company’s ROU assets over the remaining lease period as of September 30, 2023 are as follows (in thousands):

Remainder of 2023	$	88
2024		357
2025		368
2026		379
2027		227
Total minimum lease payments	$	1,419
Less: amount representing interest	$	(82	)
Total lease liability obligations	$	1,337