Leases

9 Months Ended

Sep. 30, 2023

Leases

Leases

Note 13. Leases

BTI leases office space for its corporate headquarters at 555 Long Wharf Drive, New Haven, Connecticut (the “HQ Lease”) under an operating lease that expires in February 2026. The Company has an option to renew the HQ Lease for one additional five-year term. Payments under the HQ Lease are fixed.

The Company also leases equipment such as copiers and information technology equipment.

The future minimum annual lease payments under operating leases, as of September 30, 2023, are as follows:

Year ending December 31,	Amount
Remainder of 2023	$	93
2024		381
2025		391
2026		65
2027		—
Thereafter		—
Total lease payments	$	930
Imputed interest		(62)
Total lease liability	$	868
Less current portion of lease liability		(339)
Long-term portion of operating lease liability	$	529

The current portion of the Company’s operating lease liability of $339, as of September 30, 2023, is included in Other current liabilities on the Condensed Consolidated Balance Sheets.

Lease expense was $98 and $114 for the three months ended September 30, 2023 and 2022, respectively, and $294 and $318 for the nine months ended September 30, 2023 and 2022, respectively.

Lease renewal options are not included in the ROU asset or lease liability.