Leases

3 Months Ended

Mar. 31, 2022

Lessee Disclosure [Abstract]

Leases

(13) Leases

The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through fiscal year 2023. The Company adopted Topic 842 as of January 1, 2022, using the modified retrospective approach.

For the three months ended March 31, 2022, the Company recorded operating lease costs of $0.2 million. For the three months ended March 31, 2022, the Company’s variable lease costs was not material.

At March 31, 2022, the operating lease ROU asset and lease liability was $0.3 million and $0.3 million, respectively. The ROU asset balance was recorded in other long-term assets and the lease liability was recorded in other current liabilities, on the condensed consolidated balance sheet.

The following table presents supplemental cash flow information related to leases (in thousands):

	Three Months Ended March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating leases	$	178
Weighted average lease term
Operating leases		0.5
Weighted average discount rate
Operating leases		8.6	%

The following table presents the maturities of the Company’s operating lease liabilities as of March 31, 2022 (in thousands):

Years ending December 31,	Operating Leases
2022 (remaining nine months)	$	308
2023		4
Total undiscounted lease payments	$	312
Less: imputed interest		(21	)
Total lease liabilities	$	291

ASC 840 Disclosures

The Company elected the modified retrospective transition method, which applies ASC 842 as of the effective date on January 1, 2022. Prior to the adoption of ASC 842, the Company applied ASC 840 to its lease transactions.

The following table presents the future minimum lease commitments under the Company’s operating leases as of December 31, 2021, as previously disclosed (in thousands):

	Operating Leases		Lease Termination Agreement
2022	$	459	$	293
2023		4		49
Total minimum payments	$	463	$	342

Rent expense was $0.2 million for the three months ended March 31, 2021.