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Lease Commitments (Tables)
9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Summary of Supplemental Balance Sheet Information Related to the Operating Leases

The following table summarizes supplemental balance sheet information related to the operating leases as of September 30, 2021 and December 31, 2020.

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

2,031

 

 

 

2,373

 

Total right-of-use assets

 

$

2,031

 

 

$

2,373

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Operating lease liabilities, current

 

 

484

 

 

 

474

 

Operating lease liabilities, non-current

 

 

1,280

 

 

 

1,557

 

Total operating lease liabilities

 

$

1,764

 

 

$

2,031

 

Summary of Future Minimum Lease Payments Under Operating Leases

As of September 30, 2021, the future minimum annual lease payments under the operating leases were as follows (in thousands):

 

2021

 

 

123

 

2022

 

 

503

 

2023

 

 

516

 

2024

 

 

529

 

Thereafter

 

 

342

 

Total minimum lease payments

 

$

2,013

 

 

 

 

 

 

Less: amount representing interest

 

 

(249

)

Present value of operating lease liabilities

 

 

1,764

 

Less: operating lease liabilities, current

 

 

(484

)

Operating lease liabilities

 

$

1,280

 

 

 

 

 

 

Weighted-average remaining lease term (in years)

 

 

3.81

 

Weighted-average incremental borrowing rate

 

 

7.25

%